The Indian stock market ended its four-day decline on Friday, December 19, with the Nifty and Sensex indexes showing significant gains. This surge was led by a stable rupee, positive global cues, and a Bank of Japan policy outcome that met expectations.
The Sensex surged 448 points, or 0.53%, to finish at 84,929.36, while the Nifty 50 gained 151 points, or 0.58%, to settle at 25,966.40. Broader markets also performed well, with the BSE Midcap index rising 1.26% and the Smallcap index advancing 1.25%.
Reliance led the gains on the Sensex, followed by HDFC Bank. The total market capitalisation of BSE-listed companies increased to over ₹471 lakh crore from ₹465.8 lakh crore in the previous session, resulting in a boost of over ₹5 lakh crore in investor wealth in a single day.
Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, noted that despite the marginal decline in the benchmark, sectoral performance remained encouraging, with the telecom sector leading the rally by gaining nearly 1%. Pharma and FMCG stocks also posted notable advances, indicating broad-based buying interest across key segments of the market.
Dongre believes that the Nifty continues to hold above its previous support zone of 25,600–25,700. Fresh support is now placed in the 25,500–25,600 range, while immediate resistance is seen between 26,100 and 26,300. He advises adopting a disciplined buy-on-dips strategy in selective stocks, while closely monitoring global cues and geopolitical developments.
Remember, these views are from individual analysts and experts. It's essential to do your own research or consult with certified experts before making any investment decision.
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