Nifty 50 rose 99 points to 23,217.60, reversing Tuesday's 1,650‑point slide, while the Sensex added 0.45% to 74,336.45.
SBI Life, HDFC Life and ITC led the gains, but tech giants TCS, Wipro, Infosys and Tech Mahindra booked profits, leaving IT and Pharma lagging.
Technical analysts pin 23,100‑23,000 as critical support; a breach below 23,000 could push the index toward 22,700. Resistance sits at 23,400‑23,600, with 23,500 forming a higher top.
Brent crude sits above $108 per barrel and the US 10‑year Treasury yield eclipses 5%, keeping inflation and rate‑hike concerns alive and fueling caution among foreign investors.
Ahead of the Fed meeting, market sentiment will hinge on policy tone; a dovish stance could lift the index, while hawkish remarks may stall the rally.