The Indian benchmark market indices recovered some lost ground from  the previous session, helped by strong corporate results report. 

The 30-share BSE Sensex and the broader NSE Nifty closed in the green on Wednesday after trading between gains and losses earlier in the session, recouping Tuesday's losses, with both indices up about 1% for the day.

The Sensex closed 547.83 points, or 0.99 percent, at 55,816.32, while the NSE Nifty finished up 0.96 percent, or 157.95 points, at 16,641.80. 

Investments in IT and financial firms also supported the stock market's comeback.

Sun Pharma was the Sensex pack's highest gainer, rising 3.39 percent. The next top gainers were State Bank of India, Larsen & Toubro, Asian Paints, TCS, UltraTech Cement, Bajaj Finance, and IndusInd Bank.

On the other hand, Bharti Airtel, Kotak Mahindra Bank, NTPC, Bajaj Finserv, and Reliance Industries were the worst performers, with losses of up to 1.32 percent.

The International Monetary Fund (IMF) downgraded India's economic growth forecast, further dampening morale.

The Indian rupee slipped sharply against the dollar on Wednesday, ahead of the US Federal Reserve meeting, as investors remained cautious and waited for guidance from Federal Reserve chairman Jerome Powell for near-term direction. Indian currency fell 12 paise to close at 79.90 against the US dollar.

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