Attention now shifts to the US Fed's policy decision due later tonight, with the widely expected pause in rates unlikely to materially impact Indian markets.Nifty50 and BSE Sensex saw a strong recovery in trade on Wednesday with the IT sector stocks leading the charge for the benchmark indices. Both Nifty50 and BSE Sensex closed more than 1% higher, supported by gains in IT stocks, HDFC Bank and renewed buying by foreign investors.The BSE Sensex climbed 888.68 points, or 1.16%, to finish at 77,654.60 after rising as much as 999.57 points, or 1.30%, to an intraday high of 77,765.49. The NSE Nifty also advanced 264.85 points, or 1.10%, to settle at 24,250.20.In the commodities market, Brent crude, the international oil benchmark, climbed 3.79% to $87.28 a barrel.Stock market rally: Which stocks are in focus?Among the Sensex constituents, Hindustan Unilever emerged as the top performer, gaining 4.70%, while Infosys rose 4.50%. Other major gainers included Trent, Larsen & Toubro, Tata Steel, Bharti Airtel, Tata Consultancy Services, HCLTech and HDFC Bank.On the losing side, Adani Ports, Mahindra & Mahindra, Power Grid, Bharat Electronics and NTPC ended in negative territory.HDFC Bank staged a comeback after two days of decline. IT sector stocks have also been rallying recently even though they are down substantially since the start of the year. What is leading to the rise - are fundamental factors driving the gain or is it a technical bounce back?Beyond the fundamentals that move a stock and its sectoral indices, there are several technical factors that drive individual stock movement on a daily basis and understanding them is not straightforward.To make informed decisions on stock buying, selling, or holding a comprehensive understanding of both the fundamental and technical factors is important.For example, you can learn how traders convert charts into profitable trades, you can register for ET Technical Analysis Masterclass which teaches a structured, rule-based approach to trading by helping learners read market trends using chart patterns, price action and technical indicators. It covers identifying high-probability trade setups, managing risk, avoiding common trading mistakes, and building a personalized trading framework that can be applied to swing, positional or intraday trading.Stock market outlookForeign Institutional Investors (FIIs) returned as net buyers on Tuesday, purchasing equities worth Rs 755.33 crore, according to exchange data.Vinod Nair, Head of Research, Geojit Investments Limited said, “Given India's diversified market structure, the case for FII inflows is strengthening with the unwinding of crowded AI trades. Meanwhile, despite the intraday uptick in crude prices driven by renewed tensions in West Asia, the broader decline in oil prices over the week has eased inflation concerns and reinforced optimism around the growth outlook & reduction in operational costs.” “Domestically, while stronger-than-expected IIP data provided the catalyst for a positive start, the renewed risk appetite helped sustain the gains throughout the session, with IT and metal stocks emerging as key beneficiaries. Attention now shifts to the US Fed's policy decision due later tonight, with the widely expected pause in rates unlikely to materially impact Indian markets, as it is mostly already priced in,” he said.Across Asia, South Korea's KOSPI slumped 5.98%, while Japan's Nikkei 225 also closed lower. In contrast, China's Shanghai SSE Composite and Hong Kong's Hang Seng ended the session with gains.European markets were trading mostly in the red, while US markets had finished mostly higher in the previous session.(Disclaimer: Recommendations and views on the stock market, or any other asset classes or personal finance management tips given by experts and analysts are their own. These opinions do not represent the views of The Times of India.)