Stock markets started the trade on a positive note on Wednesday, continuing their previous day's rally, in line with a firm trend in global equities.

The 30-share BSE Sensex advanced 344.1 points to 58,418.78. The broader NSE Nifty climbed 99.75 points to 17,207.25.

Among the Sensex stocks, Bajaj Finance, Mahindra & Mahindra, UltraTech Cement, Larsen & Toubro, HCL Technologies, Bajaj Finserv, Tata Motors, IndusInd Bank and Tata Steel were the major gainers.

Power Grid, Kotak Mahindra Bank, NTPC, HDFC Bank, and HDFC were the laggards.

In Asia, Seoul, Japan, Hong Kong and Shanghai markets were trading in the green.

The US markets had ended significantly higher on Tuesday.

"Today’s Fed decision will be crucial in determining the direction of the market," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The BSE benchmark had climbed 445.73 points or 0.77 per cent to settle at 58,074.68 on Tuesday. The Nifty had advanced 119.10 points or 0.70 per cent to settle at 17,107.50.

Meanwhile, global oil benchmark Brent crude dipped 0.58 per cent to USD 74.88 per barrel.

Foreign Portfolio Investors offloaded equities worth Rs 1,454.63 crore on Tuesday, according to exchange data.

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