Broader market trades higher

Key equity benchmarks extended gains and hit fresh intraday high in the afternoon trade. At 13:22 IST, the barometer index, the S&P BSE Sensex, rose 192.73 points or 0.52% at 37,174.50. The Nifty 50 index rose 72.35 points or 0.66% at 11,018.55.

The S&P BSE Mid-Cap index was up 0.78%. The S&P BSE Small-Cap index rose 0.85%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, shares 1,419 rose and 790 shares fell. A total of 150 shares were unchanged.

UPL (up 2.54%), JSW Steel (up 1.90%), Yes Bank (up 1.90%), Bajaj Finserv (up 1.87%) and Bajaj Finance (up 1.71%) advanced.

HCL Technologies (down 1.40%), Tech Mahindra (down 1.21%), Bajaj Auto (down 0.33%), Eicher Motors (down 0.27%) and TCS (down 0.24%) declined.

Larsen & Toubro rose 2.19% after the company's construction arm won an order to construct resident project. L&T Construction won a 'major' order to construct residential project in Navi Mumbai from the City and Industrial Development Corporation of Maharashtra Limited (CIDCO) to construct 23,432 dwelling units in Navi Mumbai. The project is part of the Pradhan Mantri Awas Yojana (PMAY) which envisages construction of Economically Weaker Section (EWS) and Low-Income Group (LIG) type of dwelling units.

IT major Infosys was down 1.11%. The IT giant, in collaboration with Microsoft, announced a long-term strategic partnership with JG Summit Holdings Inc, headquartered in Manila, Philippines. As technology services partner, Infosys will help formulate and execute the digital transformation strategy for JG Summit Holdings Inc, based on Microsoft Azure, an open, hyper-scale, enterprise-grade cloud platform, along with 'SAP S/4 HANA', an in-memory database application.

Overseas, European stocks were trading higher on Monday. Investors continue to monitor ongoing political chaos in the U.K and cautious hopes for policy stimulus from the world's major economies.

Asian stocks rose amid expectations on likely stimulus to support growth in the world's major economies.

Japan's economy grew an annualized 1.3% in the April to June quarter, according to revised data from the Cabinet Office on Monday. That was lower than the initial estimate of a 1.8% expansion.

In US, the Dow and S&P 500 booked slight gains on Friday, but the NASDAQ slumped as investors digested a mixed US jobs report and bet on a Federal Reserve interest rate cut this month. Fed Chairman Jerome Powell, meanwhile, described the economy and labor market as healthy, speaking at a question-and-answer in Switzerland after the jobs report.

The Labor Department said the U.S. economy added 130,000 jobs in August, down from the 159,000 jobs added in July. The unemployment rate remained steady at 3.7%, while average hourly earnings rose 0.4% month-over-month and 3.2% year-over-year.

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