Nifty50

"While index starting valuation may not be a sufficient pre-condition for a price-correction, we do not expect any decent upside to the Nifty index over the next six months and do anticipate a time-correction," the report said.

All sectors concluded the day in positive territory, with Realty, IT, and Auto emerging as the top performers.

"As we get into Samvat 2080, we believe markets would continue its outperformance on the back of strong earnings and a healthy economic outlook," he said.

Going forward, US Fed policy outcome, which is due on Wednesday, would provide cues to the market.

At close on Wednesday, Nifty was up 0.62 per cent or 121.5 points at 19,811.35, while Sensex settled at 66,473.05, up 394 points or 0.60 per cent.

On Tuesday, Nifty 50 closed with a loss of 110 points, or 0.56 per cent, at 19,528.75.

The Nifty 50 index gained 46 points to end at 19,574 on Tuesday, while the S&P BSE Sensex advanced 150 points to close at 65,780.