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India's key equity indices -- Sensex and Nifty -- extended their gains for the third consecutive session.

Global equity markets too rose positively to Russia's assurance to scale down its military operations near Ukraine's capital Kyiv and surrounding region.

On Wednesday, Sensex settled 1.3 per cent or 740 points up at 58,684 points, whereas Nifty was at 1.0 per cent or 173 points up at 17,498 points.

"High volatility prevailed in the global market, but peace talks between Russia and Ukraine gave hopes of de-escalation of the war, helping the domestic market to trade with confidence," said Vinod Nair, Head of Research at Geojit Financial Services.

The ease in crude oil and commodity prices supported the market as it will help corporates to reduce their margin pressure, said Nair.

Among the individual stocks, HDFC Life, Bajaj Finserv, Tata Consumers, Bajaj Finance, and Power Grid Corporation of India were the top five gainers among the Nifty 50 companies, rising 3.5 per cent, 3.3 per cent, 3.0 per cent, 2.8 per cent, and 2.7 per cent, respectively.

On the other hand, ONGC, Hindalco, JSW Steel, ITC, and Tata Steel were the top losers.