New Delhi, Feb 9 (IANS): Firm global cues as well as value buying pushed India's key benchmark equity indices -- S&P BSE Sensex and NSE Nifty50 -- higher on Wednesday.

Besides, expectations of a status-quo in RBI's policy rates uplifted investors' sentiments.

However, the day's session was marked with volatility as FIIs continued to sell.

They pumped out Rs 892.64 crore from the BSE, NSE & MSEI in the capital market segment.

Globally, Asian stocks rose on Wednesday after Wall Street rebounded as investors waited for US inflation data that might influence the pace of Federal Reserve interest rate hikes.

Furthermore, European stocks opened higher after the region's government bond prices calmed.

On the domestic front, volumes on the NSE were below recent averages.

Amongst indices, metals, consumer durables, banks, auto gained the most whereas oil and gas index ended in the red.

Consequently, Sensex settled at 58,465.97 points, up 1.14 per cent or 657.39 points from the previous close.

The Nifty settled at 17,463.80 points, up 1.14 per cent or 197.05 points from its previous close.

"Nifty has commenced its journey up ahead of the RBI MPC meet outcome on Thursday. Seeming cooling off of Russia-Ukraine tussle and reversal in oil prices have helped sentiments turn up across the globe," said Deepak Jasani, Head of Retail Research, HDFC Securities.

"In case the RBI raises repo rate, the markets could take it negatively. 17,306-17,560 could be the range for the Nifty in the near term."

According to Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services: "Domestically, RBI's MPC meeting outcome on Thursday would be key event for the market. Assembly polls are also starting from Thursday and will be on radar."

"Globally, investors will keep eye on the situation in Ukraine ahead of the release of key US inflation data later in the week."

In addition, Vinod Nair, Head of Research at Geojit Financial Services: "The domestic market joined the global rally with all major sectors barring PSU Banks trading with gains. US stocks rallied yesterday shrugging off concerns over rising crude oil and rate hike worries ahead of the release of US inflation data."

"RBI's policy announcement will be the key focus tomorrow as domestic inflation and policy tightening by global central banks would pressurise the central bank to adopt a similar stance."