SYSTIMESTAMP returns the same time for all rows; it does not return the time each row was read from a data file or put into the result set. Therefore what you are asking is impossible.
If you want to have a unique identifier for the order that the rows were put into the result set then use the ROWNUM pseudo-column:
SELECT ITEM,
       ITEM_NO,
       DESCRIPTON,
       ROWNUM
FROM   ITEM_MASTER
ORDER BY ITEM_NO;
If you want the rows to be numbered in the same order as the output then order first and then apply ROWNUM:
SELECT t.*,
       ROWNUM
FROM   (
  SELECT ITEM,
         ITEM_NO,
         DESCRIPTON
  FROM   ITEM_MASTER
  ORDER BY ITEM_NO
) t;
or use the ROW_NUMBER analytic function:
SELECT ITEM,
       ITEM_NO,
       DESCRIPTON,
       ROW_NUMBER() OVER (ORDER BY item_no) AS rn
FROM   ITEM_MASTER
ORDER BY ITEM_NO;
If you want to convert that to a timestamp that is artificially incremented by a micro-second for each row then:
SELECT ITEM,
       ITEM_NO,
       DESCRIPTON,
       SYSTIMESTAMP + ROWNUM * INTERVAL '0.000001' SECOND AS rn_time
FROM   ITEM_MASTER
ORDER BY ITEM_NO;
actually i am trying to update the records in the same order how the select statement returns.
This appears to be an XY-problem; you do not need to use a time and the order of a result set is not guaranteed without an ORDER BY clause so if you want to use the ITEM_NO order then you already have a pre-existing column you can use to order the rows and do not need to artificially generate a "time" column.