Mumbai: Market failed to maintain its early momentum, but still traded higher by 75 points ahead of key IIP and inflation data amid higher Asian cues. Dealers said widening up of bets by participants ahead of key economic data - May IIP and June CPI inflation - to be released after market hours today helped.
Japan led gains in Asia after Prime Minister Shinzo Abe's ruling party pulled off a landslide victory in parliamentary elections over the weekend. The 30-share index quoted at 27,702.16 at 1122 hours, up 75.47 points, or 0.27 per cent, from its last close. The NSE 50-share Nifty rose 20.80 points, or 0.25 per cent, to 8,488.70 at 1122 hours.
ICICI Bank jumped the most by 2.28 pct. Tata Steel, Axis Bank, Maruti, ONGC, NTPC and Adani Ports all went up by up to 2.08 per cent. Foreign portfolio investors (FPIs) purchased shares worth a net Rs 1,055.80 crore yesterday, as per provisional data released by the stock exchanges.
US stocks too rose yesterday, with the S&P 500 Composite index hitting all-time intra-day and closing highs as investors lapped up stocks amid a renewed appetite for risky assets following a strong US jobs report.
