Equity Benchmark BSE Sensex and Nifty 50 closed with minor gains after a range-bound session on Wednesday. This is ahead of the US Federal Reserve's policy meeting scheduled later this week.

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BSE Sensex, rose 140 points to end at 58,215, while the Nifty 50 gained 44 points to close at 17,152.

Nifty Bank also witnessed gains, rising by 104 points to close at 39,999, while the Midcap Index rose by 82 points to end at 30,041.

The top gainers on the Nifty 50 were HDFC Life Insurance, Bajaj Finance, Bajaj Finserv, Sun Pharma and Tata Consumer Products, while the top losers were BPCL, Coal India, NTPC, Adani Ports and Axis Bank.

Meanwhile, brokerage upgrades lifted insurance companies, with HDFC Life, ICICI Prudential, Max Financial Services, and SBI Life witnessing gains of 2-3 percent.

Bandhan Bank surged by 4 percent after reporting a better recovery rate on the sale of written-off loans. However, the Petroleum and Natural Gas Regulatory Board (PNGRB) set a unified tariff at Rs 58/mmBtu, which is 45 percent higher than the current rate.

This news led to a slight gain of 0.3 percent for GAIL. In the midcap segment, ABB, BHEL, SAIL, PVR, IndiaMART, and Cummins were the top losers, while Strides, Vodafone Idea, Alkem, Can Fin, and Bank of Baroda were the top gainers. Sobha was the biggest loser in midcap space, slips 13 percent after company informed the exchange about a search by income tax department at their premises.

Seven out of ten Adani Group stocks closed higher, with Adani Total and Adani Green hitting the upper circuit. The market breadth favoured advances, with the advance-decline ratio at 3:2.

Overall, the BSE companies gained a market cap of more than Rs 1 lakh crore, indicating positive sentiment in the market.

Also read: Stock Market Highlight: Sensex and Nifty 50 end with minor gains ahead of FOMC meet