At 11:30 IST, the barometer index, the S&P BSE Sensex, surged 264.18 points or 0.31% to 84,892.34. The Nifty 50 index rose 106.45 points or 0.41% to 26,041.75.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index added 0.27% and the S&P BSE Small-Cap index rose 0.22%.

The market breadth was positive. On the BSE, 2,322 shares rose and 1,512 shares fell. A total of 207 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index rose 0.94% to 11,857.20. The index shed 0.45% in the past trading session.

Indian Oil Corporation (up 3.61%), GAIL (India) (up 3.58%), Adani Total Gas (up 2.79%), Gujarat State Petronet (up 2.28%), Indraprastha Gas (up 1.83%), Bharat Petroleum Corporation (up 1.81%), Oil & Natural Gas Corpn (up 1.62%), Hindustan Petroleum Corporation (up 1.42%), Petronet LNG (up 1.26%) and Oil India (up 1.07%) rose.

Stocks in Spotlight:

Adani Green Energy jumped 9.93% after the company reported a 111.2% surge in consolidated net profit to Rs 583 crore despite a 5.3% decline in net sales to Rs 2,824 crore in Q2 FY26 over Q2 FY25.

Fischer Medical Ventures jumped 4.95% after the company's consolidated net profit surged to Rs 13.89 crore in Q2 FY26 from Rs 0.23 crore posted in Q2 FY25. Revenue from operations more than doubled to Rs 86.30 crore in the September '25 quarter from Rs 39.65 crore recorded in the same period last year.

Global Markets:

Asian markets traded mixed as investors awaited the Federal Reserve's upcoming interest rate decision.

Japan's Nikkei 225 index jumped over 1% to surpass 51,000 for the first time on Wednesday, setting a new record high. This surge was primarily driven by renewed optimism surrounding U.S.-Japan trade relations.

The gains followed a key event on Tuesday, where U.S. President Donald Trump and Japan's Prime Minister Sanae Takaichi signed a new rare earths framework.

Trump's visit marked his first meeting with Takaichi, who recently assumed office; he also met Emperor Naruhito at the Imperial Palace.

Global market sentiment was generally boosted by growing confidence that the Fed would deliver a second consecutive 25 basis point cut to support slowing growth. Markets are currently pricing in nearly 100% odds that the Federal Open Market Committee (FOMC) will approve a quarter-point reduction, which would set the federal funds rate in the 3.75%-4.00% range.

Overnight, all three major U.S. indices closed higher on Tuesday. Nvidia shares led the gains after news emerged that the company will build artificial intelligence (AI) supercomputers for the U.S. Energy Department.

Investor optimism about corporate earnings ahead of key megacap results this week also contributed to the rise. The S&P 500 rose 0.23% to close at 6,890.89. It had surpassed the 6,900 level for the first time on an intraday basis earlier in the day.

The Nasdaq Composite advanced 0.80% to finish at 23,827.49, while the Dow Jones Industrial Average gained 161.78 points, or 0.34%, to settle at 47,706.37.

In addition to their closing highs, the tech-heavy Nasdaq and 30-stock Dow scored new all-time intraday highs alongside the broad market S&P 500.

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