Index trend and stocks in action May 24, 2017

On Tuesday, Nifty started off the session on a flattish note and soon after the start it entered into negative terrain and nifty slipped below level of 9400 and thereafter it traded in a narrow band, however, recovery was witnessed in mid-afternoon session, but it was short-lived as sudden bout of selling emerged in the last hour of trading session eventually ending the day below 9400 mark with losses of 0.55 per cent. Now going forward Nifty has major support placed in the region of 9350-9370 and if this support level is breached index may correct up to levels of 9270. On the upside, the levels of 9,430 is likely to act as a major hurdle and if it manages to hold above level of 9430 in that case rally may extend up to levels of 9460.

Tata Motors: Tata Motors reported a 16.79 per cent dip in net profit for the March quarter. Despite strong sales reported at British arm, Jaguar Land Rover (JLR), the domestic business weighted on Tata Motors. However, the JLR business saw a rise in profit of about 18 percent for the quarter.

HCC: HCC as a lead partner in the joint venture with HSEPL has been awarded Rs 672.99 crore contract on EPC basis for the construction of Parwan Gravity Dam by the Water Resources Department, Government of Rajasthan. HCC’s share in the JV is 90 per cent.

Sunteck Realty: Sunteck Realty informed exchanges that a meeting of the board of directors of the company will be held on June 08 to consider sub-division of the face value of the equity shares of the company, subject to the approval of members.