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Indian shares rose on Wednesday as easing worries about the global banking turmoil brought back risk-taking and led to a broad-based gain among all sectors, while a rebound in Adani group stocks helped sentiment.

The Nifty 50 index settled 0.76% higher at 17,080.70. The S&P BSE Sensex rose 0.60% to 57,960.09, on March derivatives series expiry day.

Twelve of the 13 major sectoral indexes advanced. The heavyweight financials index rose 0.73%, with Bajaj Finance, Bajaj Finserv, Chola Investment among the top gainers.

"The recent correction in the market has made valuations more palatable," brokerage Jefferies said in a note.

The Nifty 50 has fallen nearly 2% since the collapse of Silicon Valley Bank in mid-March, while the financials index has lost 0.7%.

The benchmark index has not been able to stitch a winning run of more than two consecutive days in that time, and analysts expect the choppiness to continue in the near term due to a liquidity crunch and lack of immediate triggers.

"Most high net worth individuals and portfolio management services are stuck at higher levels. The overhang will continue for some time as there is no fresh buying trigger," said Avinash Gorakshakar, head of research at Profitmart Securities.

Among stocks, most Adani group companies gained after a drop on Tuesday following a report that said the conglomerate was seeking to renegotiate debt, which the group refuted.

Adani Enterprises and Adani Ports rose 8.72% and 7.29%, respectively and were the top Nifty 50 gainers.

Joining them was Mahindra and Mahindra, which jumped 1.42% after ICICI Securities upgraded the stock to "buy".

Bajaj Auto climbed 2.31% after JP Morgan reiterated its "overweight" rating on the stock.

Indian markets will be closed on Thursday for a local holiday.

Investors await U.S. GDP and weekly jobless claims data on March 30, which could provide insights into the impact of the Federal Reserve's monetary policy on inflation and growth.