Index trend and stocks in action October 29, 2018

The NSE benchmark Nifty began the session on a sluggish note and drifted lower in early trading. In the afternoon session, a mild recovery was seen, and in the later part of the session, Nifty once again succumbed to selling pressure to end at 10,030 level with loss of 0.94 per cent. The price action formed a significant bearish candle carrying lower higher and lower low, suggesting extended correction. The index is now in close proximity to its crucial support zone of 10,000-9952. However, a decisive move below this support zone would open up for further correction up to the levels of 9680-9700 in the short term. On the other hand, holding above the support zone of 10,000-9952 would keep pullback option open towards the level of 10,170, followed by 10,220.  

Cox & Kings: Cox & Kings has entered into an agreement to sell its education business to Midlothian Capital Partners ("MCP"), a leading UK-based investor for all-cash enterprise value of GBP 467 million (Rs.4,387 crore). The transaction is subject to regulatory approvals, consents and customary closing adjustments. 
  
Dishman Carbogen Amcis: The US FDA inspection of the company's Bavla facility has been successfully completed on October 26, 2018. The inspection was concluded without any major or critical observations. Thus, the company's facilities in Bavla and Naroda in India, multiple facilities in Switzerland and the Netherlands continue to be approved by the US FDA. 
  
Dr Lal Path Labs: Dr Lal Path Labs received NCLT, New Delhi, bench’s approval for merger of Delta Ria and Pathology with self. However, this merger is subject to approval from NCLT, Ahmedabad. 
  
Bombay Dyeing and Manufacturing Company:The board of directors of the company has approved by way of a circular resolution conversion of its existing debt given to its subsidiary in Indonesia, viz. PT Five Star Textile Indonesia, into equity shares. 
  
Peninsula Land: The company, through its subsidiary Peninsula Holding and Investment Private Ltd, has entered into a securities purchase agreement to acquire 71 per cent stake in RR Mega City Builders Limited, thereby making it a step-down subsidiary of the company. 
  
India Cements: The company has entered into a share purchase agreement for acquiring the entire shareholding of Springway Mining Pvt Ltd in a phased manner at a total consideration of Rs.182.89 crore with the objective of setting up of a cement plant in Madhya Pradesh. 
  
Axis Bank: The bank will sell 19.79 lakh shares in NSDL to  HDFC Bank for Rs 163.34 crore.