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BENGALURU  - Indian shares rose on Thursday, tracking cues in broader Asian markets as oil prices fell, while investors turned their focus on election results in the country's most populous state of Uttar Pradesh where Prime Minister Narendra Modi's party is expected to retain control.

The blue-chip NSE Nifty 50 index was up 1.87% at 16,650.25, as of 0410 GMT, and the S&P BSE Sensex surged 1.94% to 55,710.15.

The Bharatiya Janata Party is set to win Uttar Pradesh elections on Thursday as officials begin the count in a state assembly vote that will offer clues to the national mood before the next general election, due by 2024.

The Nifty's bank index, financial services index and auto index were among top gainers, rising more than 3% each. Tata Motors was the top boost to the Nifty 50, climbing nearly 7%.

Asian shares surged on Thursday, tracking Wall Street's gains as planned diplomatic talks between Russia and Ukraine buoyed sentiment. [MKTS/GLOB]

Oil prices fell on Wednesday by the most in nearly two years after the United Arab Emirates said it supported pumping more oil into a market roiled by supply disruptions due to sanctions on Russia.