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The 30-share pack Sensex advanced 1,039.80 points or 1.86 per cent to close at 56,816.65. Its broader peer NSE Nifty rose 312.35 points or 1.87 per cent to close at 16,975.35.
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Equity benchmarks rebounded sharply on Wednesday as easing commodity prices and positive global markets buoyed domestic investors’ mood. Investors are also keenly awaiting the outcome of US Fed's policy announcement where a rate hike is imminent. Moreover, progress on peace talks between Russia and Ukraine also boosted investors' sentiment.
At the closing bell, the blue-chip NSE Nifty 50 index was up 1.87 per cent at 16,975.35, while the benchmark S&P BSE Sensex ended 1.86 per cent higher at 56,816.65 points.
Both indices opened higher after losing more than 1 per cent in the previous session and kept the momentum through the day to close at their highest levels in three weeks.
The U.S. Federal Reserve will close the door on its ultra-easy pandemic-era monetary policy and step up the fight against stubbornly high inflation with the first in what is likely to be a series of interest rate hikes this year.
The Indian rupee firmed on Wednesday, tracking gains in emerging market assets on the back of weak global crude oil prices.
"Market seems to have come off from the turbulent phase of the last few weeks. While the conflict between Russia and Ukraine continues, other events such as cooling oil prices and US Federal Reserve's decision on the rate front and commentary about the pace of future rate hikes are being eyed by the investors. The trend reversal in recent sessions is also due to the market being in an oversold territory in the past few weeks," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
The Nifty Auto Index gained 2.2 per cent, closing higher for a third straight session. The Nifty Bank Index was up 2.1 per cent at close.
All other major sub-indices ended in positive territory, with the Nifty energy index and the Nifty Metal Index rising 1.79 per cent and 2.63 per cent, respectively, tracking a surge in commodity prices.
"Technically, on intraday charts, the Nifty maintains a higher high and higher low formation and now is heading towards 17000 and 17200. We are of the view that the current texture is likely to continue unless the index slips below 16750-16700 levels. Above this level, the Nifty could rise up to 17100-17200 levels. On the flip side, traders may prefer to take a caution stance if the index slips below 16750 and below the same, chances of hitting 16700-16600 would be brighter," said Chouhan.
Shares of Paytm parent One 97 Communications snapped a three-day losing streak to close 7.2 per cent higher. The digital payments company slumped to a record low on Tuesday as regulatory scrutiny on the firm tightened.
(With inputs from Reuters)