The Indian stock market saw strong buying interest on Friday, December 19, despite the Bank of Japan (BoJ) raising interest rates and hinting at further hikes. The Sensex surged nearly 600 points, reaching an intraday high of 85,067, while the Nifty reclaimed 25,991. Broad-based gains were seen across sectors, with the BSE Midcap and Smallcap indices rising by over 0.5%. This buying momentum increased the overall market capitalization of BSE-listed firms to ₹470 lakh crore, up from ₹466 lakh crore in the previous session, adding ₹4 lakh crore in value.
Several factors contributed to the market’s rise:
- Stable Rupee – The Indian rupee strengthened, improving market sentiment, though it remained below the 90-per-dollar mark.
- Global Cues – Positive global market performance, including gains in Japan, Hong Kong, and the US, boosted investor confidence.
- Short Covering – After recent declines, investors bought stocks at lower levels, driven by expectations of earnings recovery.
- Technical Support – Nifty 50 found support near 25,700–25,600, with selective buying encouraged above the 25,500 level.