Benchmarks recover after recent sell-off; Nifty ends above 23,200

The key equity benchmarks ended higher on Wednesday, snapping a two-session losing streak. Gains followed a pause in crude oil prices and a marginal easing in global bond yields.

The Nifty 50 opened at 23,201.60 and initially came under pressure, hitting an intraday low of 23,116.10. The index recovered from the day's low as bargain hunting emerged after the previous session's sharp sell-off. It later touched an intraday high of 23,284.75 before settling above 23,200 level.

However, gains remained capped as investors stayed cautious ahead of the US Federal Reserve's policy decision later today. FMCG and bank stocks advanced, while IT and pharma shares declined.

The S&P BSE Sensex jumped 332.63 points, or 0.45%, to 74,336.45. The Nifty 50 index added 99 points, or 0.43%, to 23,217.60. The Sensex and Nifty had declined 1.20% and 1.53%, respectively, over the previous two trading sessions.

State Bank of India (up 2.42%), HDFC Bank (up 0.69%) and ICICI Bank (up 0.62%) supported the Nifty today.