Indian benchmark indices ended marginally higher amid volatile trade on Wednesday, following Asian shares on hopes of US Federal Reserve easing its policy stance.

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Meanwhile, the resumption of trade talks between Washington and Beijing also boosted sentiment. Investors hoped that the Fed would follow the lead of the European Central Bank (ECB) at its policy meeting later in the day after the ECB’s Mario Draghi hinted at easing policy if inflation fails to accelerate.

The Sensex ended 66 points higher at 39,113, while the broader Nifty50 index settled unchanged at 11,691. Broader markets underperformed benchmark indices with the Nifty Midcap and the Nifty Smallcap indices falling 1 percent and 1.8 percent, respectively.

Tata Steel, Zee, Kotak Bank, NTPC and Titan were among the top gainers on the Nifty50, whereas Indiabulls Housing, Yes Bank, UPL, Adani Ports and IndusInd Bank led the losses.

Sectoral indices ended mixed during the day. The Nifty Realty index gained the most, up 1.2 percent followed by the Nifty Media (up 0.8 percent), Nifty Metal (up 0.6 percent) and Nifty Fin Services (up 0.5 percent). Among losers, the Nifty Pharma fell 1.6 percent, while the Nifty Auto lost 1.1 percent and the Nifty PSU Bank declined 0.8 percent for the day.

Shares of Jain Irrigation Systems tanked 31 percent after India Ratings and Research downgraded the company's Long-Term Issuer Rating to ‘IND BBB’ from ‘IND A-’.

Jet Airways’ shares continued their bear run, falling 18 percent, ahead of its tribunal hearing after its lenders sought for the company’s bankruptcy to recover their dues.

IRB Infrastructure Developers plunged 10.7 percent over a media report indicating that National Highways Authority of India (NHAI) is exploring a new developer for Mumbai-Pune Express Highway.

Globally, MSCI’s global equity index rose 0.4 percent, adding to Tuesday’s one percent gain, as Asian shares excluding Japan followed the lead of their European and US counterparts to jump almost 2 percent - their biggest one-day rally since January. Tokyo and Shanghai too climbed almost 2 percent while Australia’s main bourse hit an 11-year high.