Both solar and wind tariffs have fallen steeply in recent years, but excessive emphasis on lowering tariffs is now threatening India's renewable energy success story.

India has made big strides in renewable energy in the last few years, but challenges are mounting as well.

Harnessing 300 GW of wind energy potential requires big measures, but the outcome will rewrite India's Renewable Energy playbook.

There are already clear signs of green shoots sprouting in pockets of local manufacturing in sectors as diverse as steel, auto, chemicals and energy.

The burgeoning renewable energy industry is likely to witness an unprecedented IPO rush in the near future to tap India's capital markets.

After making record highs in January 2018, the stock markets have entered a bear phase after Union Budget 2018.

Dr Reddy's (0.96%), ONGC (0.76%), Wipro (0.73%) and Infosys (0.54%) were the top gainers on the Sensex. TCS (1.04%), Adani Ports (0.15%) and Maruti Suzuki (0.08%) were the top losers on the Sensex.

Market breadth was positive with 1,513 stocks closing higher against 1224 falling on the BSE. 157 stocks remained unchanged. Infosys (1.87 percent), Bajaj Auto (1.07percent), and Mahindra and Mahindra 1.05 percent pushed the Sensex higher.

Asian shares joined a global rally and scaled a fresh decade peak on Wednesday as strong world growth and rising corporate profits lured hordes of investors into equities, while oil prices jumped on expectations of a production cut. Japan's Nikkei was up 0.8 percent and South Korea's KOSPI climbed 0.4 percent. Australia's benchmark S&P/ASX 200 index inched higher towards critical chart level of 6,000 points.