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Stock Market News and Analysis:

Benchmark Indices continued selling pressure throughout the day as across the board selling weighed in. All the sectoral indices hit new 52-week low, closing in the negative with deep cuts. Nifty settled at 9590.15, down by 868.25 points and for coming session its key support is at 9500 while on higher side its resistance is at 9850.

 Headlines for the day:

·         Canara Bank has allotted bonds worth Rs3,000 crore on March 11.

·         KPIT Technologies has entered into an agreement with Vayavya Labs to acquire a 100% stake in the target company for Rs41.8 crore.

·         SMS Pharma gets EIR for API facility in Andhra Pradesh.

Key stocks:

·         State Bank of India that the Executive Committee of Central Board has approved the purchase of 725 crore shares in Yes Bank at Rs10/share. Executive Committee of Central Board at its meeting held on March 11, 2020, accorded approval for the purchase of 725 crore shares in Yes Bank Ltd. at a price of Rs10 per share subject to all regulatory approvals.

·         Torrent Pharma share prices declined. The company's board approved an interim dividend of Rs32 or 640% per equity share of Rs5 fully paid up. This includes a special dividend of Rs15 per equity share, in view of the successful integration of the acquired business. 

·         Mahindra & Mahindra post-market hours stated that it has signed a share purchase agreement to buy additional 34,249 equity shares of MITRA Agro Equipments Pvt Ltd, an associate of the company, from its existing shareholders

·         Biocon Limited has won a US court ruling that invalidated a Sanofi patent on the Insulin Glargine device, removing a key legal hurdle to commercializing Semglee (Insulin Glargine) co-developed with Mylan, in the US.

·         Man Industries have announced 20% interim dividend to its shareholders. The Board of Directors of the company at its Meeting held on March 12, 2020, have declared an interim dividend of 20% i.e. Rs1 per equity share of the face value of Rs5 each for the FY19-20.

·         GE Power India Limited terminates the contract awarded by Navayuga Engineering Company Limited due to prolonged suspension of work by NECL without any virtual certainty of resumption of work in the near future.

·         The company approved payment of an interim dividend of 1250% i.e. Rs125 per equity share of the face value of Rs10 each for FY2019-20. The auto company has fixed March 21, 2020, as the Record date for determining the eligibility of shareholders for payment of interim dividend for the Financial Year 2019-20.

 Calls for Tomorrow:

·         CALL: SELL NAUKRI EQ BELOW 2350 TARGETS 2326.50/2303/2279.50 SL 2373.50
Stock settled near its immediate support with bearishly bias. Hence breakout is expected ahead.

·         CALL: SELL INDUSINDBK EQ BELOW 770 TARGETS 762.30/754.60/746.90 SL 777.70  
: Stock settled near its 52 week low with bearishly bias. Hence rally is expected below the mentioned level.

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