The NSE Nifty 50 safe bet index rose 1.39% to 16,894.25 0351 GMT and the benchmark S&P BSE Sensex index gained 1.48% to 56,601.68.
The two-day Fed meeting will end later in the day, where the central bank is widely expected to raise its benchmark overnight interest rate by a quarter of a percentage point.
Domestic investors will be closely watching the Fed’s tone and comments and what this would mean for emerging economies.
Since the beginning of the year, a panorama of overvaluation fears, constant selling by foreign investors, a failure of economic growth estimates and the Russia-Ukraine conflict has sent the Nifty and the Sensex down 2 .8% each.
In Mumbai trading on Wednesday, all major sub-indices were up, with the Nifty Bank Index and Nifty Auto Index gaining 1.93% and 1.71% respectively.
Food delivery company Zomato gained as much as 4.5% a day after a report said it had reached a merger deal with instant delivery startup Blinkit.
Broader Asian markets were up, helped by a rebound in struggling Chinese stocks. [MKTS/GLOB]