A drop in the price of crude oil to $100 per barrel from $139 recently has also soothed sentiment. India imports 85% of its crude needs.
The Nifty climbed 310.40 points or 1.86% to 16,971.30 while the Sensex ended with a gain of 1,039.80 points or 1.86% to 56,816.65.
FPIs Bought Shares Worth ₹312 cr
“Markets will be watching out for what (Fed chairman Jerome) Powell says and how hawkish or dovish he might be. On the hawkish side they could indicate more aggressive action or the Fed may choose to look at how the situation in Ukraine and Russia pans out,” said Andrew Holland, CEO at Avendus Capital Alternate Strategies.
Technical charts suggest the Nifty is poised to touch 17,300-17,400 if the Fed meeting outcome is more dovish than expected.
Foreign portfolio investors net bought Indian shares worth ₹311.99 crore on Wednesday while domestic institutional investors bought shares worth ₹772.55 crore.
