The Indian markets recovered intraday losses with Sensex rising as much as 884 points from the day’s lowest level and Nifty reclaiming its important level of 17,450 after testing low of around 17,200 led by gains in Bharti Airtel, Tata Steel, Power Grid, HDFC Bank, State Bank of India and Bajaj Finserv. The sharp recovery in the markets came on the back of short-covering as markets got into oversold zone in morning deals, analysts said.

As of 12:16 pm, the Sensex was up 11 points at 58,477 and Nifty 50 index advanced 36 points to 17,452.

“Our research suggests that the levels of 16,700-17,000 may act as an important support level in the market. If the market sustained above the support of 16,700, we can expect it to trade in the range of 16,700-17,500,” said Gaurav Garg, head of research at Capitalvia Global Research.

Latent View Analytics made blockbuster stock market debut as the stock opened for trading at Rs 512 compared with its issue price of Rs 197, marking a gain of 160 per cent.

Buying was visible across the board as all the 15 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Metal index’s over 3 per cent gain. Nifty Media, Pharma, PSU Bank, Realty and Healthcare indices also jumped in range of 1-2 per cent.

Mid- and small-cap shares were outperforming their larger peers as Nifty Midcap 100 index advanced 1.4 per cent and Nifty Smallcap 100 index climbed 1.5 per cent.

JSW Steel was top Nifty gainer, the stock rose 4.15 per cent to Rs 684. Coal India, Power Grid, Tata Steel, Hindalco, Divi’s Labs, Adani Ports, Britannia Industries, Sun Pharma and bajaj Finserv also rose 1-3.6 per cent.

On the flipside, IndusInd Bank, Asian Paints, Infosys, Shree Cements, ICICI Bank, Reliance Industries, Hindustan Unilever and ONGC were among the losers.

The overall market breadth was positive as 2,220 shares were advancing while 918 were declining on the BSE.