Key benchmark indices were trading near the day's high in morning trade. The Nifty hovered around 11,500 mark. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 154.18 points or 0.4% at 38,711.24. The Nifty 50 index was up 52.4 points or 0.46% at 11,551.05.

The S&P BSE Mid-Cap index was up 0.37%. The S&P BSE Small-Cap index was up 0.25%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1015 shares rose and 654 shares fell. A total of 99 shares were unchanged.

Den Network was up 9.64% to Rs 61.4. The company will announce its Q1 results today, 11 July 2019.

IDBI Bank (down 0.15%) and Reliance Infrastructure (up 1.3%) were put in F&O ban by NSE today, 11 July 2019. DHFL (up 1.06%) and Reliance Capital (down 4.31%) are already under F&O ban since yesterday, 10 July 2019. F&O Ban is placed after crossing 95% of the market-wide position limit in derivatives market.

Larsen and Toubro (L&T) was up 0.51% to Rs 1506.75. The company announced that L&T Construction, company's construction arm, has secured 'significant' orders. The company has won contracts for power transmission and distribution, heavy civil infrastructure and water and effluent treatment.

Religare Enterprises was up 9.99% to Rs 42.95 and hit an upper circuit. The company announced that it will sell its entire stake in Religare Finvest to TCG Advisory Services. TCG Advisory Services will also acquire indirect interest in Religare Housing Development Finance Corporation.

Pharma stocks gained. Dr Reddy's Laboratories (up 2.32%), Glenmark Pharmaceuticals (up 2%), Cadila Healthcare (up 1.8%), Wockhardt (up 1.17%), Cipla (up 1.01%), Sun Pharmaceuticals Industries (up 0.78%), Lupin (up 0.69%) and Divi's Laboratories (up 0.38%) advanced. GlaxoSmithKline Pharmaceuticals (down 1.88%), Alkem Laboratories (down 1.38%) and IPCA Laboratories (down 0.01%) traded lower.

Aurobindo Pharma rose 3.62% to Rs 619. The company announced the launch of Cinacalcet Hydrochloride Tablets (30mg, 60mg and 90mg) at risk in the US market in accordance with the terms of settlement agreement with Amgen Inc. Aurobindo's Cinacalcet Hydrochloride tablets 30mg, 60mg and 90mg is a generic version of Amgen Inc's Sensipar tablets. Cinacalcet Hydrochloride tablets had an annual sale of approximately US$1,449 million for the twelve months ended May 2019 as per IQVIA.

Piramal Enterprises was up 1.83% to Rs 1969.65. The company's board approved the issue of secured, rated, unlisted, redeemable non-convertible debentures on private placement basis. The size of the issue is Rs 1500 crore. The tenure for non-convertible debentures is 6 months with an interest rate of 9.5% per annum.

Metal stocks advanced. Vedanta (up 2.25%), Tata Steel (up 2.13%), Steel Authority of India (up 1.96%), Jindal Steel & Power (up 1.67%), Hindustan Zinc (up 1.59%), Hindustan Copper (up 1.46%), Hindalco Industries (up 1.28%) and National Aluminium Company (up 0.64%) gained. NMDC (down 0.84%) declined

TVS Motor Company was up 0.55% to Rs 420. The company announced that it has launched a new 100cc motorcycle, TVS Sport, in Sri Lanka. R. Dilip, Senior Vice President, International Business of TVS Motor Company stated that TVS Sport will cater to a robust customer base of close to 2.5 million customers globally. He further added that Sri Lanka will be an ideal place where two-wheeler mobility is on a rise, TVS Sport is the ideal motorcycle to traverse long distance with excellent fuel efficiency.

Premier Explosives was up 3.26% to Rs 190. The company announced it has received an order from Bharat Dynamics for supply of 'solid propellants for Medium Range Surface to Air Missile (MRSAM) for a value of Rs.14.99 crores. The order is to be executed within a period of 14 months. MRSAM has been developed jointly by Israel Aerospace Industries, Israel and DRDO, India and Premier Explosives is the sole supplier of solid propellant for this missile.

Overseas, Asian stocks were trading higher after Federal Reserve Chair Jerome Powell reinforced prospects of a US interest rate cut later this month.

US stocks rose on Wednesday with the Nasdaq Composite index closing at a record high after Federal Reserve chairman Jerome Powell indicated interest rates cuts may be imminent in the face of some weakening economic data.

In testimony to a congressional committee, Powell noted that while the U.S. jobs market remains robust and consumer spending appears set to rebound, business investment has slowed considerably, along with housing investment and manufacturing output.