(Updates at 10:27 a.m. IST)

BENGALURU, March 27 (Reuters) - Indian shares rose on Wednesday, led by heavyweight Reliance Industries after Goldman Sachs set a Street-high target price and by oil marketing companies as a drop in crude oil prices aided hopes of sustained refining margins.

The blue-chip NSE Nifty 50 index was up 0.64% to 22,144.70 as of 10:27 a.m. IST, while the BSE Sensex rose 0.65% to 72,942.63.

The Nifty has hovered around 22,000 this month and that should continue for a few more sessions, with the earnings season from mid-April likely to provide the next directional trigger, said Pramod Gubbi, co-founder of Marcellus Investment Managers.

"The large-cap space looks attractive from a valuations perspective and the re-allocations to large-caps from small- and mid-caps will continue to keep the benchmarks resilient," said Gubbi.

The broader, more domestically-focussed small- and mid-caps gained 0.6% and 0.5%, respectively, on the day. But they have dropped 4.8% and 0.75%, respectively, so far in March, while the Nifty has risen 0.5%.

All the 13 major sectors logged gains. Energy and oil & gas rose 1% and 1.4%, boosted by a 2.3% rise in Reliance Industries to 2,948.40 rupees.

Goldman Sachs its raised the price target on Reliance to a Street-high 3,400 rupees, citing favourable valuations and a potential earnings boost with capital expenditure peaking.

Oil marketing companies Bharat Petroleum, Hindustan Petroleum and Indian Oil gained about 2% each as crude oil prices continued to decline, which supports their refining margins.

ABB India, which provides technology automation products and services, jumped 6% to 6,286.80 rupees after UBS raised its price target to a Street-high 7,550 rupees, citing sustainable earnings and growth in its electrification business.

Metals processor Gravita India climbed 10.5% after Kotak Institutional Equities initiated coverage with a "buy," calling it a leader in the domestic recycling industry. (Reporting by Bharath Rajeswaran and Hritam Mukherjee in Bengaluru; Editing by Sonia Cheema and Savio D'Souza)