BENGALURU: Indian shares rose on Wednesday, led by gains in banking and energy stocks, with broader Asian markets also higher on renewed hopes for a new U.S. stimulus.

The NSE Nifty 50 index rose 0.77% to 11,988.00 by 0353 GMT, while the S&P BSE Sensex was up 0.78% at 40,858.85.

The Nifty Bank index was up 1.1%, boosted by a 1.3% gain for lender HDFC Bank.

Reliance Industries rose 0.9% after announcing it had expanded efforts with Qualcomm Inc to develop 5G solutions in India.

The Nifty Energy index was up 0.9%

The White House and Democrats moved closer to an agreement on a new COVID-19 relief package as U.S. President Donald Trump said he was willing to accept a large aid bill despite opposition from his own party.