Representative image
NEW DELHI: Activity in the country’s manufacturing sector lost further momentum in March, slowing to a seven-month low as local restrictions weighed on the sector prompting firms to shed jobs, a survey showed on Monday.
The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) fell from 57.5 in February to a seven-month low of 55.4 in March. The 50-point mark separates expansion from contraction. The survey is compiled from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers. But the latest reading was indicative of a substantial improvement in the health of the sector that outpaced the long-run series average.
Manufacturing activity falls to seven-month low telegraphindia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from telegraphindia.com Daily Mail and Mail on Sunday newspapers.
Covid resurgence subdues India s manufacturing sector output: PMI
By IANS |
4 Views
The growth rate of India s factory production slowed massively in January 2019 to 1.7 per cent, from 7.5 per cent reported for the corresponding month of 2018, official data showed on Tuesday.(Photo: Tata Motors/Instagram). Image Source: IANS News
New Delhi, April 5 : Loss of growth momentum, due to a surge in Covid-19 cases as well as high input cost pressure, decelerated pace of new orders and production for India s manufacturing sector in March.
The IHS Markit India Manufacturing PMI report said that firms scaled up production and input buying in line with another upturn in sales, but employment decreased due to the pandemic curbs and a lack of pressure on capacity.
Key equity benchmarks were hovering near the day s low in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, tumbled 1,105.25 points or 2.21% at 48,924.58. The Nifty 50 index slumped 308.20 points or 2.07% at 14,559.15.
Barring the Nifty IT index, all the other sectoral indices on the NSE were in the red. Banks and financial shares declined sharply.
Selling was broad based. The S&P BSE Mid-Cap index declined 1.61% while the S&P BSE Small-Cap index lost 1.50%.
The market breadth was weak. On the BSE, 777 shares rose and 1,972 shares fell. A total of 196 shares were unchanged.
Derivatives:
The NSE s India VIX, a gauge of market s expectation of volatility over the near term, spurted 13.93% to 22.7725. The Nifty 29 April 2021 futures were trading at 14,580, at a premium of 20.85 points as compared with the spot at 14,559.15.
Representational image.
| Photo Credit: Reuters
The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) fell from 57.5 in February to a seven-month low of 55.4 in March India’s manufacturing sector activities lost further growth momentum and fell to a seven-month low in March as demand was constrained by the escalation of the COVID-19 pandemic, a monthly survey said on April 5.
The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) fell from 57.5 in February to a seven-month low of 55.4 in March.
However, the latest reading was indicative of a substantial improvement in the health of the sector that outpaced the long-run series average, it said.