Closing Bell: Market snaps two-day losing streak; Nifty settles above 16600

Domestic equity bourses Sensex and Nifty50 recouped losses on Wednesday as nervousness prevailed across global markets ahead of the key rate decision by the Fed. 

Indian equity market regained some of the lost ground from the previous two session's sharp drop, boosted mainly by a robust corporate earnings report. However, participants were cautious ahead of the US Federal Reserve's meeting later in the day. 

Both, the 30-share BSE Sensex and the broader NSE Nifty finished in the green after swaying between gains and losses earlier in the day on Wednesday, and recouped Tuesday's losses, with both the indices going up by almost 1% for the day. 

Also in the news, the US Fed is greatly anticipated to boost rates by 75 basis points later today, with markets expecting a 10% probability of a higher increase. Owing to these developments, the Indian benchmarks broke the two-day losing streak with Nifty closing above 16600. 

At the closing bell on July 27, the Sensex was up 547.83 points or 0.99% at 55816.32, and the Nifty was up 158.00 points or 0.96% at 16641.80. On the market breadth, around 1714 shares have advanced, 1521 shares declined, and 136 shares are unchanged. 

Top Nifty gainers of the day were Sun Pharma, SBI, L&T, Divis Labs and Asian Paints, while top losers included Bharti Airtel, Bajaj Auto, Hero MotoCorp, UPL and Kotak Mahindra Bank. 

On the sectoral front, all the indices ended in the green with Bank, IT, metal, oil & gas, capital goods, PSU bank, and pharma index surging 1-2%. In the broader markets, BSE Midcap index climbed 0.9% and smallcap index added 0.38%. Indian investors now await more earnings reports from India Inc for cues, with Maruti Suzuki, Tata Motors and Bajaj Finance to declare their numbers later in the day.