Sensex rises 1,000 points, Nifty up at 16,975 as investors eye US Fed meeting

At the closing bell, the blue-chip NSE Nifty 50 index was up 1.87 per cent or 312.35 points at 16,975.35, while the benchmark S&P BSE Sensex ended 1.86 per cent or 1,039.80 points higher at 56,816.65 points.

Gains in bank and auto stocks helped sensex and nifty close higher on Wednesday, with investors keeping a watch on Ukraine-Russia peace talks and the US Federal Reserve's policy meeting.

At the closing bell, the blue-chip NSE Nifty 50 index was up 1.87 per cent or 312.35 points at 16,975.35, while the benchmark S&P BSE Sensex ended 1.86 per cent or 1,039.80 points higher at 56,816.65 points.

Both indexes 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.

Domestic investors will keep a close watch on the U.S. Federal Reserve's stance and its implication for emerging markets.

The Indian rupee firmed on Wednesday, tracking gains in emerging market assets on the back of weak global crude oil prices.

The partially convertible rupee strengthened to as much as 76.2350 against the dollar.