Indian markets surged for the seventh out of the last eight sessions, shrugging off the Fed rate hike, led by gains in global equities.

The Sensex rose 1.82 percent or 1,033 points to 57,875 points, while the Nifty gained 1.8 percent or 302 points to 17,276 points.

Among other global markets, Heng Seng advanced 4 percent, Nikkei 3 percent, Kospi 1.8 percent, Australia's ASX 200 1.4 percent and Shanghai rose 1.2 percent.

Fed rate hike: The US Fed hiked rates by 25 basis points largely in line with analysts' expectations. The Fed also signalled hikes at all six remaining meetings this year

Crude oil prices: International crude was trading below $100 a barrel after Ukraine and Russia reached a tentative peace plan to end the war that was in its third week, The Kyiv Independent reported.

China support: Global markets also rose after the Chinese authorities pledged to provide support and stability to the country's troubled markets.

RBI policy: The Reserve Bank of India is expected to thrash out a policy supportive of economic growth, analysts expect.

FII buying: After selling a record Rs 2.3 trillion in Indian equity markets since October, foreign investors bought for the first time on Wednesday. They bought Rs 311 crore, data available with NSE