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Japanese stocks were steady on Monday as the market started the new quarter, hovering at a key technical level as investors bought bellwether stocks such as tech shares and index heavyweights.
The Nikkei rose 0.6 per cent to 21,572.73 in midmorning trade, near its 25-day moving average of 21,499.66, after opening a tad lower.
Tech shares were bought with Advantest rising 3.0 per cent, silicon maker Sumco gaining 1.5 per cent.
Index heavyweights enjoyed strong demand. Fast Retailing advanced 0.9 per cent, Tokyo Electron added 1.6 per cent and TDK Corp surged 2.6 per cent, reports Reuters.
The dollar was steady at 106.280 yen, underpinning sentiment.
The utility sector rose and was the second best performer on the board, led by Kansai Electric Power Co’s surge of more than 5.0 per cent after the Osaka District Court rejected an injunction on Friday seeking to halt two reactors at the Takahama nuclear plant.
Real estate shares lost ground with Mitsui Fudosan falling 0.6 per cent and Mitsubishi Estate shedding 1.0 per cent.
The broader Topix edged up 0.3 per cent to 1,721.30.