Indian shares advance tracking gains in Asia on China data

Indian stocks gained on Friday, as stronger-than-expected China trade data and the U.S. government avoiding a shutdown buoyed risk sentiment.

india trader
A trader looks on while trading at a stock brokerage in Mumbai. REUTERS

Indian stocks gained on Friday, as stronger-than-expected China trade data and the U.S. government avoiding a shutdown buoyed risk sentiment.

Beijing reported exports surged 12.3 percent in November from a year earlier, more than double the forecast, while imports climbed almost 18 percent.

Mirroring the positive sentiment, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 percent.

Investors are awaiting catalysts that would provide reason to add to risk assets before the year draws to a close. Friday's U.S. jobs report is the next big data release on the calendar.

At 0610 GMT, the S&P BSE Sensex advanced 0.89 percent at 33,233 while the broader NSE Nifty rose 0.90 percent to 10,257.

Among the top Sensex gainers, Tata Steel rose 3.2 percent, Maruti Suzuki gained 2.4 percent, Bharti Airtel advanced 2.2 percent while Tata Motors was up 1.9 percent.

HDFC Standard Life Insurance rose 1 percent ahead of its September quarter earnings due later today.

Future Consumer jumped 12 percent after brokerage firm Morgan Stanley initiated 'Overweight' rating with a price target of Rs95.

Escorts advanced 3.5 percent after brokerage firm HSBC initiated 'buy' rating on the stock with a price target of Rs835.

But Jet Airways India plunged 3 percent after the airlines operator reported a 91 percent decline in its net profit to Rs 49.63 crore in September quarter.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

READ MORE