The Indian markets on Wednesday closed on a higher note on the back of multiple triggers from second-quarter GDP numbers to core sector data to November auto sales. The BSE Sensex jumped over 600 points and the Nifty50 ended above the 17150-mark as the metal, bank, and auto stocks gain most.

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Even the broader markets followed the suite of benchmarks as mid-cap gained over 1 per cent and small-cap grew marginally by 0.17 per cent at the market close on Wednesday. And, the Nifty Bank, one of the key contributors to the Nifty index, gained 670 points or 1.9 per cent to 36365 levels at the close.

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As many as 35 stocks advanced, 14 declined and 1 remain unchanged on the Nifty50. IndusInd Bank gained over 5.5 per cent, followed by JSW Steel and Tata Motors each jumped between 4-5 per cent. While Cipla slipped by over 4 per cent, and Divis Lab down over 2 per cent at the market close. 

The two active initial public offers (IPO) of Star Health and Tega Industries have received mixed responses as the former is yet to be subscribed fully on the second day, and the latter was fully subscribed within hours of its launch on the first day on Wednesday.

Vinod Nair, Head of Research at Geojit Financial Services said, “After the sharp sell-off in the global markets on Tuesday, Indian equities reversed its course following recovery in global markets and strong domestic GDP data.”

India’s Q2 GDP recorded a growth of 8.4 per cent as economic activity moved towards normalcy after the impact of the second wave. 

Similarly, the analyst at Geojit Financial Services said, “Though the Fed chair’s comment on speeding up the pace of the bond-buying taper plan kept investors cautious along with the concerns of Omicron, the global markets recovered sharply today.”

The Index opened a day with a good gap and managed to close a day on a positive note with gains of more than one percent forming a bullish candle on the daily chart, Rohit Singre, Senior Technical Analyst at LKP Securities said in a post-market comment on Wednesday.

“The index has formed two strong hurdle zone on the higher side around 17220-17300 zone until we don’t cross or give decisive close said resistance we may not see aggressive buying comes in so said levels will be immediate trend deciding levels & trading below said levels structure will be weak, good support zone formed near 17050-16950 zone, Singre added.

Similarly, Vijay Dhanotiya, Senior Research Analyst at CapitalVia Global Research said, “The market suggests, sustaining above 17000 will be an important level to stay positive in the short term.” 

“If the market is able to sustain the level of 17200, it can witness a positive momentum in the market which can lead to the higher levels near 17600. The momentum indicators like RSI and MACD indicating positive momentum in the market,” Dhanotiya said in his post-market comment.