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The market surged on broad based buying support.Key indices opened with small losses, but recovered as the session progressed. Shrugging off negative global cues, domestic shares advanced further and hit fresh intraday high in late trade.  The Nifty 50 gained 123.95 points and settled at 10987.45. Auto sector were major gainer and IT sector were major loser of the day. On the economic front, economic conditions in India’s dominant service sector remained positive in February.

Global Markets

European stock markets are mixed Tuesday morning after early trading, a surprisingly strong performance in the light of Wall Street’s late reversal on Monday and the more sober tone in Asia after China lowered its growth targets for this year. Cathay Pacific Airways Ltd is in “active discussions” about an acquisition involving budget airline Hong Kong Express Airways Ltd.

Stock Snippets

Shares of Glenmark Pharma rose 1.5% as the company received USFDA approval for Telmisartan and Hydrochlorothiazide tablets.

Larsen & Tourbo (L&T) said its construction arm has won a contract two orders from the Tamil Nadu Government’s Water Resources Department.

Cochin Shipyard signed a contract with JSW arm for construction and delivery of four Mini Bulk Carriers. They will be delivered within December 2020.

JSW Steel signed an advance payment and supply agreement with Duferco International Trading Holding of $700mn for five years.

HFCL bagged order for Rs527cr from Jharkhand Communication Network Limited for implementing Bharat Net Phase-11 in the State of Jharkhand.

Indian Hume Pipe received three Letters of Intent related to different works worth Rs187cr from Vidarbha Irrigation Development Corporation, Nagpur.

Global Markets

Japan stocks were lower after the close on Tuesday, as losses in the Shipbuilding, Rubber and Glass sectors led shares lower. The Nikkei 225 fell 0.44%.

Australia stocks were lower after the close on Tuesday, as losses in the Consumer Discretionary, Industrials and Metals & Mining sectors led shares lower. The S&P/ASX 200 lost 0.29%.

The Shanghai Composite Index was up 0.24% while the Shenzhen Component builds on morning gains and was up 1.15% early into the afternoon session.

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