Nifty above 17,100; auto shares advance

The key equity indices continued to trade with small gains in mid-morning trade amid positive global cues. The Nifty traded above the 17,100 level. Barring the Nifty Media index, all the other sectoral indices on the NSE traded in the green.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 96.88 points or 0.17% to 58,171.56. The Nifty 50 index added 32.35 points or 0.19% to 17,139.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.41% while the S&P BSE Small-Cap index gained 0.69%.

The market breadth was strong. On the BSE, 2,091 shares rose and 1,137 shares fell. A total of 150 shares were unchanged.

Investors look ahead to the outcome of US Federal Reserve's meeting scheduled to release later today. Market expects Fed to raise rates by 25-basis points amid the risk of financial contagion after the failures of Silicon Valley Bank and Signature Bank and concerns about the potential for a regional banking crisis.

Buzzing Index:

The Nifty Auto index rose 0.66% to 12,222.05. The index advanced 0.74% in two trading sessions.

Ashok Leyland (up 2.1%), Balkrishna Industries (up 1.7%), TVS Motor Company (up 1.29%), Sona BLW Precision Forgings (up 1.16%), Mahindra & Mahindra (up 1.06%), Bosch (up 0.95%), Samvardhana Motherson International (up 0.92%), Eicher Motors (up 0.91%), Tata Motors (up 0.79%) and Bajaj Auto (up 0.41%) advanced.

Global Markets:

Asian stocks advanced across the board on Wednesday as investors looked ahead to the U.S. Federal Reserve's latest update on its rate hike decision.

Wall Street closed higher on Tuesday as widespread fears over liquidity in the banking sector abated and market participants eyed the Federal Reserve, which is expected to conclude its two-day policy meeting on Wednesday with a 25 basis-point hike to its policy rate.

Treasury Secretary Janet Yellen said Tuesday that while authorities believe they've taken sufficient action to stem liquidity problems in the banking sector, the government is prepared to guarantee even more deposits if the banking crisis gets worse.

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