Filatex Fashions, a penny stock, saw its shares increase by over 5% during a broad Indian market rally. This market-wide upswing occurred despite global concerns following a rate hike by the Bank of Japan.
Shares of Filatex Fashions, a penny stock trading below Re 1, moved sharply higher during intraday trade on Friday (December 19), as a strong recovery in the broader Indian equity market lifted sentiment across the board. The rally came despite mixed global cues, with investors choosing to focus on domestic buying momentum rather than concerns triggered by the Bank of Japan’s decision to raise interest rates.
Markets bounce back despite global worries
Indian equities saw strong buying interest during the session, even after the Bank of Japan (BoJ) hiked interest rates and signalled the possibility of further tightening ahead.
The Sensex jumped nearly 600 points to an intraday high of 85,067, while the Nifty 50 reclaimed the 25,979 level. The gains were broad-based, with both the BSE Midcap and Smallcap indices rising more than 0.5%.
The upbeat mood added nearly Rs 3 lakh crore to investor wealth in a single session, pushing the total market capitalisation of BSE-listed companies to around Rs 469 lakh crore, up from about Rs 466 lakh crore in the previous session.
Filatex Fashions rides the market momentum
Tracking the broader rally, Filatex Fashions shares climbed as much as 5.4% to hit the day’s high of Rs 0.39 during intraday trade.
The move drew attention as the stock continues to trade in penny territory, often seeing sharp swings in line with overall market sentiment.
Longer-term trend still weak
Despite Friday’s bounce, Filatex Fashions has struggled in recent months. The stock has declined 56% over the past year and is down 27% in the last six months.
Over the last three months, the scrip has fallen 39%, while it has slipped nearly 9.5% in the past month.
Still far from its one-year high
The penny stock touched a 52-week high of Rs 0.90 in December 2024 but fell to a 52-week low of Rs 0.35 earlier this month. Even after the latest rebound, the stock remains about 58% below its one-year high, highlighting the pressure it has faced over the past year.