Strong market breadth; Nifty above 10,900

Key equity barometers extended gains and hit fresh intraday high in the early afternoon trade. The Nifty crossed 10,900 mark. At 12:24 IST, the barometer index, the S&P BSE Sensex, was up 228.01 points or 0.62% at 36,872.43. The Nifty 50 index was up 61.15 points or 0.53% at 10,905.90.

In the broader market, the S&P BSE Mid-Cap index was up 0.42%. The S&P BSE Small-Cap index was up 0.47%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1312 shares rose and 823 shares fell. A total of 126 shares were unchanged.

On the derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 3.82% at 16.6125.

On the options front, the Nifty option chain for 26 September 2019 expiry showed maximum call open interest (OI) of 23.21 lakh contracts at the 11,000 strike price. Maximum put OI of 19.14 lakh contracts was seen at 10,800 strike price.

In the cash market, Axis Bank rose 2.89% to Rs 688. A research house has maintained buy call on the stock, but cut target to Rs 875 from Rs 900 per share.

Ashok Leyland declined 0.24%. Media reports suggested that the company will shut down its production facility for five days from Friday, 6 September 2019, due to contraction in the commercial vehicle market.

SRF rose 1.45%. The refrigerant manufacturer announced that it has obtained ASHRAE (American Society of Heating, Refrigeration, Air-conditioning Engineers) certification for R-467A, its new, low GWP refrigerant blend for stationary air-conditioning applications. It is the first-ever refrigerant from India to have received this certification by the ASHRAE Standards Committee under the Designation and Safety Classification of Refrigerants, the company added.

Bharat Heavy Electricals (Bhel) rose 0.29%. Bhel announced that it has secured an order for emission control equipment for 2x250 MW Bhilai Expansion power project in Chhattisgarh. Valued at around Rs 450 crore, the order has been placed by NTPC-SAIL Power Company (A joint venture of NTPC and Steel Authority of India). The order involves supply and installation of flue gas desulphurization (FGD) system.

L&T Finance Holdings added 1.47%. The company informed that a meeting of the board is scheduled to be held on Wednesday, 11 September 2019, to approve raising of funds through proposed issue aggregating up to Rs. 100 crore and determine the issue price for the proposed Issue.

INOX Leisure gained 2.95%. The company informed that it has commenced the commercial operations of a multiplex cinema theatre taken on leave and license basis, located at Jalandhar, Punjab, with effect from today, i.e. Friday, 6 September, 2019. The said multiplex cinema theatre has 3 screens and 862 seats.

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