At 0705 GMT the rouble-denominated MICEX index was up 0.9 percent to 1461.8 points, while the dollar-denominated RTS index was up 0.8 percent to 1469.7.
A keynote speech by Putin is being watched for potential clues as to his policy priorities, and is expected to devote attention to Russia's notorious corruption problem.
"The the market hopes that the action against corruption within state agencies and among officials will be emphasized as real progress in this area is one of the key factors required to increase FDI and drive a rerating of Russian asset valuations in coming years," wrote Chris Weafer, chief strategist at Sberbank Investment Research, in a morning note.
Russian markets are also closely watching a policy statement due out later from the Fed, which is expected to extend its "Operation Twist" programme that holds down long-term interest rates. Low US interest rates would support commodity prices and emerging market currencies.
"Right now everything is playing out not at all badly for the bulls," wrote ATON analyst Elena Kozhukova in a note. "The key danger for players as before is the risk that positive expectations will be disappointed."
Shares in mining company Norilsk Nickel outperformed, rising 2 percent on media reports that incoming shareholder Roman Abramovich is planning to buy shares on the market to raise his future stake in the company from a previously planned 5.9 percent to 10 percent.
Norilsk shares have been volatile in recent days amid conflicting information about the terms of a peace deal between the company's warring shareholders.
The rouble was up marginally, supported by stable oil prices and positive expectations regarding the Fed's intentions.
At 0705 GMT the rouble had strengthend by one kopeck to 30.72 against the dollar, and by 0.1 percent to 39.98 against the euro , leaving it two kopecks stronger at 34.89 against the euro-dollar currency basket.
The yield on Russia's benchmark 2030 Eurobond rose slightly to 2.82 percent from 2.78 percent on Tuesday.
The Finance Ministry aims to sell 50 billion roubles ($1.63 billion) of 10-year and five-year OFZ treasury bonds, capitalising on increased interest from foreign investors ahead of Euroclear settlement as of next year.
The ministry announced a yield guidance for 30 billion roubles worth of 10-year bonds of between 6.88 percent to 6.93 percent, with guidance of 6.48 percent to 6.93 percent for 20 billion roubles of five-year bonds.