Mumbai (Maharashtra) [India], March 22 (ANI): Key indices of domestic equity markets surged on Wednesday morning, tracking strong cues from other Asian markets.

Broad-based rally swept across markets, IT index advanced 1 per cent while Nifty Bank surged 121.60 points or 0.30 per cent to 40,016.30. Heavyweights like Reliance Industries, Tata Motors and Adani Enterprises also gained during the morning.

For fresh cues, market participants will keenly watch out for the next US Federal Reserve monetary policy outcome and forward-looking guidance, if any. With the jitters coming from the banking sector's turmoil, arising from Silicon Valley Bank and Credit Suisse, the investors expect that the Federal Reserve would stick with an increase 0.25 points or 25 basis points.

BSE Sensex gained 257 points to 58,331.90 while NSE Nifty surged 28 points to 17,138 on Wednesday morning. Some of the top gainers are Adani Green, Bandhan Bank, PFC and HG Infra. Some of the laggards were Sobha, Sapphire, Medplus and Sequent on BSE.

In Asian markets, Hong Kong's Hang Seng went up 386 points, SP ASX gained 58 points, Japan's Nikkei surged 514 points, China's Shanghai SE gained 6 points and Philippines Stock Ex rose 61 points on Wednesday.

In US markets, Dow Jones surged 316 points, Nasdaq gained 184 points, NYSE Composite rose 208 points and SP 500 gained 51 points.

In European markets, Amsterdam Exchange, BEL-20, CAC 40, and Deutsche Borse were trading in the positive territory; FTSE 100 rose 132 points and Madrid SE gained 21 points.

On Tuesday, BSE Sensex rose 445.73 points or 0.77% to 58,074.68. The Nifty 50 index added 119.10 points or 0.70% to 17,107.50.

Asian markets surged on Wednesday, following an overnight rally on Wall Street ahead of the Fed's rate hike decision later in the day, with concerns of the global banking crisis taking the back seat. According to The Wall Street Journal, home prices in the US fell in February for the first time in 11 years, showing the effects of the Federal Reserve's campaign to raise interest rates. (ANI)