Despite weak opening of European markets, Indian equities extended their gains this afternoon, with a key index ruling about 2.60 per cent higher than its previous close an hour before the closing bell.
However, inflation and IIP figures backed the market reaction.
Industrial production slipped by 0.5% in January 2009 despite stimulus packages declared by the administration to defend against the impact of worldwide slump.
This is the third time repeatedly where IIP contracted during this fiscal.