Indian shares rose on Wednesday after a five-day run of losses, with investors closely watching developments on the Russia-Ukraine crisis.

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The blue-chip NSE Nifty 50 index rose 0.46 percent to 17,170.40 by 0350 GMT, while the S&P BSE Sensex was up 0.44 percent at 57,551.03, with most major Nifty subindexes gaining.

Also read: Sensex up 300 pts, Nifty near 17,200; all sectors in green; Kotak Bank, IndusInd, Titan up 2%

In Mumbai, the Nifty Realty index and Nifty public sector bank index were the top gainers, climbing more than 1 percent each.

In the broader Asian market, stocks steadied and demand for safe-havens waned a little, as investors weighed Russian troop movements near Ukraine and initial Western sanctions.

Also read: How Western sanctions will target Russia

Oil prices also took a breather after surging to seven-year highs, as it became clear the first wave of US and European sanctions on Russia would not disrupt oil supply.

Western nations on Tuesday punished Russia with new sanctions for ordering troops into two separatist regions of eastern Ukraine and threatened to go further if Moscow launched an all-out invasion of its neighbor.