Index trend and stocks in action May 31, 2017

On Tuesday, Nifty opened the session on a negative note and thereafter shifted into gradual up-move amid choppy trend. At the end of the session, Nifty closed with marginal gains of 0.20 per cent. On the daily chart, Nifty had formed a small bullish candle and continued its sequence of higher top and higher bottom for the fourth trading session. Now going forward Nifty needs to sustain above levels of 9650 and if it does hold above this level it's likely to scale up to levels of 9700. While on the downside, supports are seen at levels of 9550 and 9500. 

Cox & Kings: The Board of Cox & Kings approved the demerger of its foreign exchange division into a separate financial services company to be named Cox & Kings Financial Service. Subject to High Court and other regulatory approvals.

Reliance Communication: CARE downgrades company's rating to CARE D from CARE BB, ICRA downgrades company's rating to ICRA D from ICRA BB and Moody's downgrades rating to Caa1 from B2.

Educomp Solutions: Application under section 10 of insolvency code, accepted for admission by NCLT. The company has also submitted a restructuring proposal to the consortium of bankers.

Talwalkars: Issues NCDs worth Rs 500 crore on a private placement basis. Also, increases the borrowing limit of the company to Rs 750 crore.

Apollo Hospitals: The Company has posted a decline of around40.7 per cent in profit for the quarter ended 31st March 2017, at Rs 48.16 crore, from Rs 81.31 crore for the same quarter for previous fiscal year on a standalone basis.

HDIL: Considered to issue security up to US$ 150 million, subject to the approval of the Members. Considered Preferential offer and issue of up to Rs. 200 Crore in share warrants, convertible into equity shares of Face Value of Rs. 10/- each to Mr Sarang Wadhawan, Promoter of the Company, subject to the approval of the Members.