BENGALURU: Indian shares advanced for the second straight session on Wednesday, in tandem with global markets, on easing US rate concerns following further dovish comments by key Federal Reserve officials and stability in oil prices.

The NSE Nifty 50 index settled 0.62% higher at 19,811.35, while the S&P BSE Sensex rose 0.60% to 66,473.05.

Global equities advanced after Atlanta Fed Bank President Raphael Bostic said the central bank does not need to raise rates further and that the Fed does not expect a recession.

The remarks, which followed dovish comments by other key Fed officials on Monday, eased worries over further rate hikes.

Brent crude futures traded below $88 per barrel on Wednesday, although the military conflict in the Middle East poses looming risk to a spike.