Markets advance ahead of US Fed decision; Sensex rises 548 points

Benchmark indices gained a per cent on Wednesday ahead of a pivotal monetary-policy announcement. The Sensex rose 548 points, or 0.99 per cent, to close at 55,816, while the Nifty gained 158 points, or 0.96 per cent, to finish 16,642. Most global markets edged higher as experts said investors had largely priced in a 75-basis-point increase in interest rates. 

However, gains were capped as investors remained in wait and watch mode. Most global equities have rebounded sharply from their June lows on optimism that easing inflationary pressures will prompt the Fed to act less aggressively than expected earlier.