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Outcome of US Federal Reserve will be crucial for future market directions. (Representational Picture)Reuters file

Domestic equities closed on a positive note with renewed buying from investors towards the end of the Tuesday trade. Analysts said outcome of the US Federal Reserve meeting scheduled for Tuesday would determine market directions in the coming days.

While the 30-share index Sensex closed 0.69 percent higher at 26,697.82, the 50-share index Nifty ended the trade at 8,221.80, up 0.62 percent. Among sectoral indices auto, oil and gas, bank supported the uptrend with closing in the green. After witnessing heavy sell off on Monday, auto index witnessed investors' buying interest on today's trade. However, metals and consumer durable stocks witnessed selling from investors.

Meanwhile, both small and mid cap indices ended in the red, reflecting cautious approach of investors ahead of US Fed meeting.

Shares of Tata Motors gained the most with more than three percent rise to close at Rs 470.65 on Tuesday. Tech Mahindra, BPCL and Wipro were the other major winners. Among losers, UltraTech Cement was leading the pack with more than 2 percent fall in its share price to end the trade at Rs 3,366.75. Other losers comprised of Hindalco, Zee Entertainment, Grasim and BHEL.

Investors were waiting for the outcome of the US Federal Reserve meeting scheduled to start from Tuesday. Analysts see 0.25 percent hike in interest rate, making it the first this year. They were also of the opinion that the commentary coming from the US Fed on the US economic growth would give future directions to equity, bond and forex markets going ahead.

Meanwhile, Asian markets traded in the green on Tuesday ahead of the US Fed's meeting. Japan's Nikkei and China's Shanghai Composite, South Korea's Kopsi and Taiwan Index ended with marginal gains taking cues from global markets.

Among commodities, oil prices remained firm with International Brent crude futures trading at $55.65 per barrel at 0648 GMT. Indian rupee closed at Rs 67.54, up 0.18 percent on Tuesday.