Nifty Trades Higher, Asia Up On Higher Wall Street Closing

Indian benchmark indices followed their Asian peers higher, after strong closings across the US Markets. Most of the Asian markets were trading with gains with the Japanese Nikkei higher by almost 2 per cent, while the Korean Kospi was up 1.5 per cent in trade.

The Sensex was higher by almost 300 points, while the Nifty gained 83 points in early trade. ICICI Bank, India's second largest private sector bank gained 2 per cent, after the bank set the floor price at Rs 351.36 per share for its proposed share sale to raise up to Rs 15,000 crore.

Drug firm Ipca Laboratories, saw its shares price gain after the company reported over three-fold jump in its consolidated net profit to Rs 445.68 crore for the quarter ended June.

Government owned Bank of Baroda, saw its shares decline after the bank reported a net loss of Rs 864 crore on a standalone basis for the quarter ending June due to increased provisioning.

Defence stocks, which had rallied following import restrictions on 101 defence items by the Government of India, saw some profit taking at higher levels. BEL and BEML were marginally lower in trade.

Shree Cements, Titan Company, Infosys and Grasim were among the top losers from the Nifty in early trade.