Sensex, Nifty hit fresh intraday high

Key benchmark indices extended gains and hit an intraday high in morning trade. The Nifty firmed up but faced a stiff resistance at 11,000 mark. The Sensex crossed 37,000-mark. At 10:25 IST the S&P BSE Sensex was up 138.80 points or 0.38% at 37,120.50. The Nifty 50 index was up 44.90 points or 0.41% at 10,991.10.

The S&P BSE Mid-Cap index was up 0.46%. The S&P BSE Small-Cap index was up 0.41%.

The market breadth was strong. On the BSE, 1162 shares rose and 596 shares fell. A total of 109 shares were unchanged.

ICICI Bank (up 1.83%), Sun Pharma (up 1.39%) and Hindustan Unilever (up 1.36%) were top gainers in Sensex pack.

L&T Technology Services (LTTS) reported that it has been selected as a strategic partner by a European automotive manufacturer for manufacturing its electric Powertrain. The company will be responsible for the functioning of the power train ECU (Electronics Control Unit). Shares of LTTS edged 0.48% higher to Rs 1634.5.

Shilpa Medicare reported that the USFDA inspected the Company's Finished Dosage Formulation facility located at Jadcherla, Telangana from 29 August 2019 to 6 September 2019. The inspection was concluded with two observations. The company further added that there were no repeat observations or Data Integrity related observations. Shilpa Medicare was trading 4.08% higher at Rs 270.25.

Larsen & Toubro gained 0.8% 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.

On domestic front India's foreign exchange reserves declined by $0.45 billion to $428.60 billion in the week ended 30 August 2019. The foreign exchange reserves had stood at $429.05 a week ago. On a positive note, the gold assets jumped to $27.55 billion from $26.87 billion a week ago.

Overseas, Asian stocks were trading higher on Monday, as investors pinned 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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