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Services PMI expands for 4th straight month as vaccine drive fuels optimism

Activity in India’s services sector expanded for the fourth straight month in January as the Covid-19 vaccination roll-out drove business optimism, a private survey showed on Wednesday. The IHS India Services Business Activity Index rose to 52.8 in January from 52.3 in December, suggesting the pace of growth was moderate. The 50-point mark separates expansion from contraction. But it should be noted that the PMI is a month-over-month indicator, showing improvement over the previous month, and not over the previous year. The Indian services sector enjoyed good levels of activity in January, with new business volumes rising for the fourth successive month and growth rates for both measures picking up from December, said Pollyanna De Lima, Economics Associate Director at IHS Markit. “The service sector looks set to sustain growth and confidence towards hiring may improve as COVID-19 concerns diminish,” De Lima added.

January factory activity hits 3-month high, job cuts subside

January factory activity hits 3-month high, job cuts subside SECTIONS Last Updated: Feb 01, 2021, 11:27 AM IST Share Synopsis The Nikkei Manufacturing Purchasing Managers Index , compiled by IHS Markit, rose to 57.7 in January from December s 56.4, above the 50-level separating growth from contraction for the sixth straight month. Agencies Firms reduced headcount for the tenth month in a row, although the rate of job cuts was the weakest in the current 10-month contraction. India s manufacturing sector activity strengthened in January as companies scaled up production at the quickest pace in three months in response to faster expansions in total sales and new export orders, a monthly survey said on Monday.

Barometers hit day s high; Nifty scales 13,800 mark

Read more about Barometers hit day s high; Nifty scales 13,800 mark on Business Standard. At 10:26 IST, the barometer index, the S&P BSE Sensex, jumped 721.3 points or 1.56% at 47,007.07. The Nifty 50 index surged 195.35 points or 1.43% at 13,829.45.

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