Sensex, Nifty find comfort in Chinese trade data, yuan fix; Aurobindo Pharma, Yes Bank stocks gain

The stock market of India opened on the higher side after Asian stocks tried to rally on better trade numbers beings reported by Beijing that limited the fall of yuan. The BSE Sensex opened 175 point sup at 36,866 levels while the 50-stock Nifty opened 58 points higher at 10,913 levels. the Bank Nifty index was 117 points up at 27,819 levels. Jammu & Kashmir Bank, Aurobindo Pharma, Central Bank and HDFC Life Insurance were the top gaining shares while Cox & Kings, Lakshmi Vilas Bank, Navkar Corporation, Indiabulls Integrate and Jindal Steel and Power were the top losing stocks in the intraday trade.

Speaking on the current market outlook Prakash Pandey, Head of Research at Fairwealth Securities said, "Nifty has strong support at 11,750. The market is trading in the range of 11,750 to 11,950. It seems that its strong support at 11,750 will remain intact and now the market will rebound for next 200-300 points and may show 11,000 levels in the coming fortnight."

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Telecom stocks led the bull run on Dalal Street as the BSE Telecom index shot up near 2.25 per cent. Telecom major Vodafone Idea share price shot up 2.25 per cent, shares of Tata Communications soar 2.18 per cent, GTL Infrastructure stocks went up over 1.5 per cent, Bharti Infratel stocks soar 2.46 per cent while Bharti Airtel scrip added 2.43 per cent.

Among Asian markets, the Japanese Nikkei 225 index shot up 0.52 per cent, South Korean Kospi went up 1.08 per cent, Hang Seng ticked 0.61 per cent higher while Shanghai market went northward 0.91 per cent.