Key equity benchmarks extended early gains and hit fresh intraday high in morning trade. The Nifty traded above 11,100-mark and headed towards its 200-day simple moving average placed at 11,183.86.
At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 284.64 points or 0.76% at 37,634.97. The Nifty 50 index was up 76.1 points or 0.69% at 11,123.90.
The S&P BSE Mid-Cap index was up 0.6%. The S&P BSE Small-Cap index was up 0.61%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1130 shares rose and 628 shares fell. A total of 106 shares were unchanged.
Dewan Housing Finance Corporation (DHFL) was up 4.14%. The stock is barred in F&O segment after crossing 95% of market wide position limit.
Shares of Spandana Sphoorty Financial were trading at Rs 827.65 at 10:20 IST on BSE, discount of 3.31% over the initial public offer price of Rs 856. The stock debuted at Rs 824, discount of 3.73% to the initial public offer (IPO) price. So far the stock hit a high of Rs 849 and low of Rs 809.2.
Cupid surged 4.67% to Rs 133.45 after the company won an order to supply male contraceptives to Uganda from United Nations Fund for Population (UNFPA) worth Rs 14.1 crore.
HCL Technologies, a leading global IT services company, announced that it has signed MoU with Maharashtra Airport Development Company (MADC) for expansion of Multi-modal International Cargo Hub and Airport (MIHAN) campus in Nagpur. HCL will acquire 90 acres of land adding to the existing state of the art 50 acre campus. The MoU was signed in the presence of Nitin Gadkari, Minister for Road Transport & Highways of India. The stock was trading 0.67% higher at Rs 1068.75.
Coffee Day Enterprises was locked in a 5% upper circuit at Rs 66.05 after the company announced debt reduction plans. The company's total debt as on 31 July 2019, excluding Sical and Magnasoft, stood at Rs 3,472 crore while the total debt of Coffee Day Group was Rs 4,970 crore. The company has announced the divestment of Global Village Tech Park (Global Village) held by its subsidiary Tanglin Developments for an aggregate consideration in the range of Rs 2,600-3,000 crore. On receipt of the consideration for the sale of Global Village after payment of required statutory payments, the debt position of Coffee Day Group will reduce around by Rs 2,400 crore. The debt position of Coffee Day Group (excluding Sical and Magnasoft) post repayment of debt out of proceeds from sale of Global Village is expected to be around Rs 1,000 crore in the next 45 days. The company further assured that it is expected to have a comfortable position to service the reduced debt obligations.
Overseas, Asian stocks were trading higher on Monday as hopes of more stimulus from central banks around the world and steps being taken by major economies such as Germany and China soothed investors' fears of a sharp global economic slump.
US stocks rebounded on Friday as news of potential German economic stimulus brought buyers back to the equities market.
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