The Nifty traded above the 25,300 level. PSU bank, IT and auto shares advanced, while consumer durables, FMCG and pharma shares corrected.

At 13:30 IST, the barometer index, the S&P BSE Sensex, rallied 340.09 points or 0.41% to 82,720.78. The Nifty 50 index added 99 points or 0.39% to 25,338.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.22% and the S&P BSE Small-Cap index added 0.54%.

The market breadth was strong. On the BSE, 2,478 shares rose and 1,561 shares fell. A total of 195 shares were unchanged.

Gainers & Losers:

Tata Consumer Products (up 3.33%), Bharat Electronics (up 2.01%), State Bank of India (up 1.87%), Trent (up 1.40%) and Maruti Suzuki India (up 1.31%) were the major Nifty50 gainers.

HDFC Life Insurance Company (down 1.12%), Bajaj Finserv (down 0.77%), ITC (down 0.75%), Power Grid Corporation of India (down 0.64%) and Titan Company (down 0.69%) were the major Nifty50 Losers.

Stocks in Spotlight:

Mahindra Lifespace Developers surged 3.93% after it has been selected as the development partner for two society redevelopment projects in Chembur, Mumbai, with a combined gross development value (GDV) of approximately Rs 1,700 crore.

RMC Switchgears rallied 3.55% after the company announced that it has received a Letter of Intent (LOI) worth Rs 59.12 crore from Jaipur Vidyut Vitran Nigam (JVVNL).

Agarwal Industrial Corporation advanced 2.81% after the company announced that it has successfully secured a prestigious tender from Indian Oil Corporation (IOCL) worth Rs 330.05 crore.

One MobiKwik Systems dropped 3.41% after the company disclosed an incident of unauthorized settlements claimed by certain registered merchants and users in collusion from limited locations in Haryana.

Global Markets:

European stocks edged higher on Wednesday as investors assessed the latest U.K. inflation data, which showed annual price growth holding steady at 3.8% in August.

Asian market traded mixed after Wall Street declined as investors awaited the key monetary policy decision from the U.S. Federal Reserve's two-day meeting, where it is expected to cut interest rates.

Japan's exports dropped 0.1% year on year in August, government data showed. The latest reading compares with the 2.6% decline in exports in the previous month.

Meanwhile, Singapore's non-oil domestic exports plunged 11.3% in August year over year, according to government data Wednesday. It followed a revised 4.7% decline in July. The latest reading was dragged down by falling demand in specialised machinery, food preparations and petrochemicals.

Overnight stateside, U.S. stocks were lower as investors took some profits ahead of the Fed outcome.

The S&P 500 traded 0.13% lower to close at 6606.76, after hitting a fresh record earlier in the session. The Nasdaq Composite lost 0.07% to finish the session at 22,333.96. The Dow Jones Industrial Average dropped 125.55 points, or 0.27%, to close at 45,757.90.

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