Taking Stock | Market cheers GDP numbers; Sensex up 619 points, Nifty above 17,100

Indian equity benchmarks ended higher on December 1 as the market cheered improved GDP numbers and robust GST collection, shrugging off mixed global cues.

After a strong start, the market held on to the gain throughout the session helped by auto, metal, financials and IT names.

At close, the Sensex was up 619.92 points, or 1.09 percent, from the previous day’s close at 57,684.79, and the Nifty gained 183.70 points, or 1.08 percent, at 17,166.90.

India's gross domestic product (GDP) in the second quarter of the financial year 2021-22 grew at 8.4 percent, official data released after the market hours on November 30 showed.

The numbers mark a significant increase as compared to the COVID-19-hit second quarter of the last fiscal year, when the GDP declined by 7.4 percent.

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

The GDP recorded a growth of 8.4 percent as economic activity moved towards normalcy after the impact of the second wave, he said.

Though the Federal Reserve chairman’s comment on speeding up the pace of the bond-buying taper kept investors cautious along with Omicron concerns, the global markets recovered sharply, he added.

Index	Prices	Change	Change%
Sensex	85,441.24	-83.60	-0.10%
Nifty 50	26,159.70	-17.45	-0.07%
Nifty Bank	59,186.30	-113.25	-0.19%

Nifty 50 26,159.70 -17.45 (-0.07%)

Wed, Dec 24, 2025

• 1D
• 5D
• 1M
• 3M
• 6M
• 1Y
• 2Y

Biggest Gainer	Prices	Change	Change%
Trent	4,307.00	117.60	+2.81%

Biggest Loser	Prices	Change	Change%
Sun Pharma	1,735.50	-20.40	-1.16%

Best Sector	Prices	Change	Change%
Nifty Metal	10769.10	42.10	+0.39%

Worst Sector	Prices	Change	Change%
Nifty IT	38949.90	-223.80	-0.57%

At home, the BSE midcap index rose 1 percent and smallcap index added 0.27 percent.

IndusInd Bank, JSW Steel, Tata Motors, Adani Ports and Axis Bank were among the major Nifty gainers. The losers included Cipla, Divis Labs, Dr Reddy’s Labs, UltraTech Cement and Sun Pharma.

Except Nifty pharma, all other sectoral indices ended in the green, with metal, auto, bank, energy, IT and PSU bank indices up 1-2 percent.

On the BSE, auto, bank and metal indices rose 1-2 percent, while healthcare index fell 1.4 percent.

Among individual stocks, a volume spike of more than 100 percent was seen in Chambal Fertiliser, Indus Tower, Vodafone Idea and Cummins India.

A long build-up was seen in Chambal Fertiliser, Biocon and Indus Towers, while there was a short build-up in Coforge, IOC and Asian Paints.

More than 150 stocks, including Rajesh Exports, Mukta Arts and KEI Industries, hit a 52-week high on the BSE.

The Nifty was less volatile and formed a small-bodied bullish candle on the daily scale.

Now the Nifty needs to cross and hold 1,7200 for an up move towards key hurdle at 17,350 and 17,500 zones, whereas support is at 17,000 and 16,800, said Chandan Taparia, vice president, analyst-derivatives, at Motilal Oswal Financial Services.

The index has formed two strong hurdle zones on the higher side at around 17,220-17,300 and until it crosses them or closes decisively above them, aggressive buying is unlikely to be seen. A good support zone has formed near 17,050-16,950.

After a positive opening, the Nifty traded in range and managed to sustain above the 17,000-mark as well as 21- HMA, which suggests that an upside is possible if the index stays above 17,000.

On the hourly chart, the Nifty formed a Doji candle, which points to confusion among buyers as well as sellers.

Momentum indicator MACD & Stochastic suggest a positive crossover on the hourly time-frame, which suggests a bounce-back can be seen.

The index has support at 16,800, while resistance is at 17,350 after which the index can test 17,500-17,800.

The Bank Nifty has support at 35,300 and resistance at 37,000.

After a long time, the Nifty succeeded to close above the 100-day SMA, which is broadly positive.

On the daily chart, the index has formed an inside body candle and on intraday charts, it is consistently taking support near 17,100.

The trading setup suggests that 17,100-17,140 would be the trend decider levels for the bulls above which the uptrend will continue to 17,250-17,350. If the index slips below 17100, the uptrend would be vulnerable.

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