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Nifty, Sensex may inch up further – Thursday closing report
We had mentioned in Wednesday’s closing report that Nifty, Sensex were still on course for a rise. The major indices of the Indian stock markets made moderate gains over Wednesday’s close. The trends of the major indices in the course of Thursday’s trading are given in the table below:
 
 
Bargain hunting and positive global indices lifted the Indian equity markets on Thursday. On the NSE, there were 852 advances, 621 declines and 68 unchanged. On the BSE, there were 1,600 advances, 1,221 declines and 227 unchanged. Asian indices were trading in green boosted by strong US earnings and rising oil prices, nearly a 15-month high. 
 
Moody's Investors Service on Thursday said that enhancing India's public-private partnership (PPP) model can attract more private sector investments for infrastructure projects and address the country's large needs in the sector. Against the country's rapid economic growth, its infrastructure sector has been marred by under-investment for some years, which can be addressed by resolution of the challenges in the PPP model, the global agency said. "While the country's PPP mechanism has seen reasonable success in some sectors over the last 20 years, the level of activity has been low in the last four fiscal years due to challenges," Moody's V-P and senior analyst Abhishek Tyagi said.  "India's PPP framework will benefit if it is developed further to address key issues regarding improved risk allocation, ability to renegotiate unpredictable factors in the bid documents and move away from project awards based on one metric, such as estimated revenues," Tyagi added. India's economy is set to grow at the fastest pace among major economies in 2016 and 2017, although GDP growth remains constrained by various factors, including inadequate infrastructure investments, Moody's said. 
 
India's largest private refinery Reliance Industries Ltd, on Thursday, posted an 18% rise in standalone net profit at Rs7,704 crore for the quarter ended 30 September 2016 against Rs6,534 crore in July-September 2015 quarter. Total income has increased to Rs66,624 crore from Rs66,198 crore. The numbers came in largely in line with analyst estimates. Reliance Industries said its telecom venture Reliance Jio may extend the period of free services in case its subscribers are not able to get adequate experience of seamless connectivity across network due to interconnection congestion and the quality of service parameters are not as per the benchmarks desired by the Jio management. The shares of the company closed at Rs1,088.50, up 0.15% on the BSE.
 
YES Bank has moved higher by 2.5% to Rs1,324 on the National Stock Exchange (NSE) after the bank reported a better-than-expected 31% year-on-year (YoY) growth in net profit at Rs802 crore for the quarter ended 30 September 2016 (Q2FY17). The private sector lender had profit of Rs610 crore in year ago quarter. “Net Interest Income grew 30.5% YoY to Rs1,446 crore on back of robust growth in advances and CASA (current account and savings account). Net interest margin (NIM) expanded to 3.4% in Q2FY17 from 3.3% a year ago,” YES Bank said in a statement. YES Bank shares closed at Rs1,308.80, up 1.31% on the BSE.
 
Wipro said it would buy cloud services company Appirio for $500 million, its second biggest acquisition, as it looks to boost growth from newer services. Appirio was established in 2006 and has offices in Indianapolis, San Francisco, Dublin, London, Jaipur and Tokyo. It has 1,250 employees worldwide. Wipro said the acquisition would give it one of the largest cloud transformation practices in the world. The deal also brings along TopCoder, a crowdsourcing marketplace connecting over a million designers, developers and data scientists with customers. Wipro shares closed at Rs495.50, up 0.19% on the BSE.
 
US economic activity continues to expand at a modest to moderate pace from late August through early October, with most districts expecting positive outlook, the latest survey result released by the Federal Reserve showed on Wednesday. "Most districts indicated a modest or moderate pace of expansion," Xinhua news agency quoted the Fed in its latest Beige Book which gauges its 12 districts' economy. However, the New York District reported no change in overall activity. The survey showed that most districts expected positive outlooks with growth expected to continue at a slight to moderate pace in several districts. According to the survey, retail sales picked up in most districts, and were expected to continue modest growth in the months ahead. Manufacturing activity was mixed, and several districts reported that strong US dollar continue to drag the exports of manufacturing goods. Labour market conditions remained tight, with modest payroll and wage growth, said the survey report. Prices increased slightly overall. 
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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Eight killed in cracker explosions at Sivakasi in TN
Ahead of Diwali festival this month-end, eight persons, among them six women, were burnt to death and about 20 others were injured when fire crackers exploded on Thursday at a wholesale shop in this Tamil Nadu town, police said.
 
"The accident occurred around 2.00 p.m when the crackers were being loaded on a truck and one of the bundles caught fire, leading to multiple explosions," Sivakasi East police station chief R. Perumal told IANS.
 
Sivakasi town in Virudhunagar district, about 540 km from Chennai in the state's southern region, is the largest manufacturing centre of firecrackers and matches in the country, especially for festivals like Diwali and other ceremonies.
 
"Unfortunately, most of the victims were from a medical scanning centre next to the crackers shop in the town's congested locality. Crackers in the shop and the truck exploded when a spark lit one of the bundles and its fire spread quickly around the spot," said Perumal.
 
When crackers in the shop and the truck exploded, emitting huge smoke and loud noise, the truck's diesel tank too caught fire and burnt the vehicle down. 
 
"We have registered a case against the agency's owner and its employees for the explosions and causing death and destruction of public property," added Perumal.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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