The blue-chip BELEX15 index, which tracks the most liquid shares on the Belgrade Stock Exchange, was up 1.14% to 667.02 points after adding 0.76% on Tuesday.
The broader BELEXline index rose 1.31% to 1,344.82 after increasing 0.65% in the previous trading session.
The joint SRX index of the bourses in Belgrade and Vienna was up 0.36% in euro terms to end at 200.48 after adding 1.58% on Tuesday.
Total turnover rose to 41.6 million dinars ($417,000/343,000 euro) from 25.97 million dinars on Tuesday.
Confectionery maker Bambi Banat [BEL:BMBI] generated the session's largest turnover of 16.8 million dinars, closing up 18.33% at 59,165 dinar and leading the session's gainers.
Home appliances maker Alfa Plam [BEL:ALFA], paced the decliners, falling 6.07% to 19,047 dinars with 50 shares changing hands.
The Belgrade bourse will be closed on Thursday and Friday for New Year's holidays.
(1 euro=121.1737 Serbian dinars)