Indian equity indices advanced for the second consecutive session on Wednesday amid positive global cues. The Nifty closed a tad above the 17,150 mark. Pharma, healthcare and PSU banks were in demand. However, media, consumer durables and realty stocks were under pressure. The barometer index, the S&P BSE Sensex rose 139.91 points or 0.24% to 58,214.59. The Nifty 50 index added 44.40 points or 0.26% to 17,151.90. HDFC Life Insurance Company (up 2.95%), Bajaj Finance (up 2.05%), ICICI Bank (up 0.67%) and Bajaj Finserv (up 1.29%) were major Nifty movers.

In the broader market, the S&P BSE Mid-Cap index gained 0.18% while the S&P BSE Small-Cap index advanced 0.54%.

The market breadth was positive. On the BSE, 1,984 shares rose and 1,523 shares fell. A total of 124 shares were unchanged.

Investors look ahead to the outcome of US Federal Reserve's meeting scheduled to release later today. Market expects Fed to raise rates by 25-basis points amid turmoil in the US banking sector.

Numbers to Watch:

MCX Gold futures for 5 April 2023 settlement advanced 0.10% to Rs 58,635.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.14% to 103.11.

The United States 10-year bond yield slipped 0.17% to 3.600.

In the commodities market, Brent crude for May 2023 settlement declined 31 cents or 0.41% to $75.01 a barrel.

Global Markets:

Markets in Europe and Asia advanced on Wednesday as investors looked ahead to the U.S. Federal Reserve's latest update on its rate hike decision.

U.K. inflation data published on Wednesday showed that the consumer price inflation accelerated to 10.4% in February 2023 from 10.1% in January 2023.

Wall Street closed higher on Tuesday as widespread fears over liquidity in the banking sector abated and market participants eyed the Federal Reserve, which is expected to conclude its two-day policy meeting on Wednesday with a 25 basis-point hike to its policy rate.

Treasury Secretary Janet Yellen said Tuesday that while authorities believe they've taken sufficient action to stem liquidity problems in the banking sector, the government is prepared to guarantee even more deposits if the banking crisis gets worse.

Stocks in Spotlight:

Tata Motors rose 0.89% after the auto major announced that it will be implementing a price increase of up to 5% on its commercial vehicles (CV) starting from 1 April 2023. The decision to increase prices is a result of the company's efforts to comply with the more stringent BS6 phase II emission norms, the auto maker said.

Sula Vineyards rose 3.76% to Rs 353.65 after a foreign broker initiated coverage on the stock on Tuesday with a 'buy' ratingand a 12-month price target of Rs 475.

Sobha slumped 12.81% after the real estate developer informed that the Income Tax (I-T) department is carrying out a search at its registered office and other premises.

H.G. Infra Engineering added 0.83% after the company announced that it has been declared as lowest bidder (L-1) by DYCE-C-CNB-Engineering/North Central Railway for the redevelopment of Kanpur Central Railway Station.

Emami jumped 5.89% after the company announced that its board will meet on Friday, 24 March 2023, to consider a share buyback.

VST Tillers Tractors surged 7.46% after the tractor maker said that it crossed a production of 5,00,000 power tillers from its manufacturing plant located at Malur in Karnataka.

Hindustan Zinc advanced 2.37%. The board of Hindustan Zinc in its meeting held on 21 March 2023 approved fourth interim dividend of Rs 26 per equity share on face value of Rs 2 per share for the Financial Year 2022-23, amounting to Rs 10985.83 crore. The record date for the purpose of payment of fourth interim dividend is 29 March 2023.

Larsen & Toubro (L&T) added 0.24% after the EPC major announced that its construction arm has secured ‘significant' orders for its Water & Effluent Treatment and Buildings & Factories business. As per L&T classification, the value of the significant project is Rs 1,000 crore to Rs 2,500 crore.

Mahindra & Mahindra was up 0.37%. The auto major on Wednesday announced that the International Finance Corporation (IFC) plans to invest Rs 600 crore in a new unit of the company, which is being incorporated to scale up the last-mile electric mobility business.

Zydus Lifesciences rose 0.13%. Zydus Pharmaceuticals (USA) Inc., a subsidiary of the company received final approval and tentative approval from the United States Food and Drug Administration (USFDA) for Tofacitinib tablets, 5 mg, and 10 mg, respectively.