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BENGALURU - Indian shares rose on Wednesday, helped by heavyweight banking stocks, with investors also taking cues from broader Asian markets that hit three-week highs.

The blue-chip NSE Nifty 50 index rose 0.58% to 17,416.05 and the benchmark S&P BSE Sensex added 0.55% to 58,312.33 by 0354 GMT.

After falling nearly 1% on Monday and extending those losses into the first half of Tuesday — due to higher oil prices — both the indexes staged a mid-day reversal to end more than 1% higher as investors bought into the dip.

Broader Asian markets on Wednesday hit their highest levels since March 4 as investors moved cash back into equities from bonds in preparation for the U.S. Federal Reserve's aggressive approach to combat inflation. [MKTS/GLOB]

The Nifty Bank Index climbed 1.06%. State Bank of India rose 1.4% and was among the top percentage gainers on the Nifty 50.

The Nifty Pharma Index was up 0.81%, with pharma major Dr Reddy's Laboratories rising 1.8% and topping the Nifty 50 percentage gainers.

(Reporting by Anuron Kumar Mitra in Bengaluru; editing by Uttaresh.V)