BENGALURU: Indian shares advanced for a second straight session on Wednesday as concerns over a banking crisis receded further, while investors braced for a crucial interest rate decision by the US Federal Reserve.

The Nifty 50 index closed 0.26% higher at 17,151.90, while the S&P BSE Sensex rose 0.24% to 58,214.59.

Nine of the 13 major sectoral indexes advanced with public sector banks and pharma stocks rising 0.83% and 1.04%, respectively.

The rise follows an uptick in global equities after US Treasury Secretary Janet Yellen vowed to protect depositors in smaller banks in an effort to calm nerves.

The Swiss government-backed takeover of Credit Suisse by UBS over the weekend eased concerns over financial stability, for the time being.

Global markets now await the Fed’s monetary policy decision due later in the day. The odds of a 25-basis-point (bps) hike are 89.3%.