BENGALURU, Dec 6 Reuters India39;s benchmark indexes advanced to fresh record highs for the third consecutive session on Wednesday, led by energy stocks on moderating oil prices and information technology IT shares on growing bets of a rate cut in the U.S. in March.

The NSE Nifty 50 index rose as much as 0.23 to 20,903 points, while the SP BSE Sensex was up 0.24 at 69461.20 as of 1015 a.m. IST.

Seven of the 13 major sectors logged gains. Energy index climbed 2.2 to a new record, powered by the surge in Adani group stocks and drop in crude oil prices to a fivemonth low amid doubts over OPEC supply cuts and China39;s demand recovery.

IT gained 1, tracking the rise in technology peers in Asia after a fall in U.S. Treasury yields on rate cut expectations.

We are gradually entering the euphoria phase of this classic bull market, said Dipan Mehta, director at Elixir Equities.

The floating stock is gradually diminishing while liquidity conditions are very favourable with the return of foreign buying, Mehta added.

High weightage financials fell 0.2 after rising in the last eight sessions, when it added 7.61.

Midcaps rose 0.3, while smallcaps added 0.2 on the day.

There is gradual realisation that valuations are quite rich in small and midcaps, which could add to inflows into largecaps, Mehta said.

Most Wall Street equities closed lower overnight, as rally paused ahead of key labour market data that could influence the U.S. Federal Reserve39;s rate decision. Asian…