Growth in India s dominant services sector picked up in January as demand improved and consumer optimism was buoyed by the start of a huge Covid-19 vaccination drive, although firms continued to shed jobs, a private survey showed on Wednesday. That improved sentiment was in line with findings of a Reuters poll last month that predicted Asia s third-largest economy would recover from the coronavirus crisis more strongly than previously thought, lifted by the government s wealth and wellness budget announced on Feb.1. The Nikkei/IHS Markit Services Purchasing Managers Index rose to 52.8 in January from 52.3 in December, staying above the 50-level mark separating growth from contraction for the fourth straight month.
Indian shares hit record highs after services sector improves in January marketscreener.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketscreener.com Daily Mail and Mail on Sunday newspapers.
India s Services Industry Improved in January; Job Cuts Continued
However, the report noted that the main area of concern is the extent to which costs are rising across the services economy, with the rate of inflation remaining above trend.
Representative image. Job seekers fill up forms as others line up for registration during a job fair in Chinchwad, India February 7, 2019. Photo: Reuters/Danish Siddiqui/File Photo
Economy03/Feb/2021
Bengaluru: Growth in India‘s dominant services sector picked up in January as demand improved and consumer optimism was buoyed by the start of a huge COVID-19 vaccination drive, although firms continued to shed jobs, a private survey showed on Wednesday.
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BENGALURU (Reuters) - Indian shares ended at record closing highs on Wednesday, extending a post-budget rally on gains in financial stocks after a survey showed that the country s dominant services sector picked up in January.
The NSE Nifty 50 index rose 0.97% to 14,789.95, while the benchmark S&P BSE Sensex was up 0.92% at 50,255.75. Both the indexes touched record intra-day highs earlier in the session after rising as much as 1.5% and 1.46% respectively.
The Nikkei/IHS Markit Services Purchasing Managers Index rose to 52.8 in January from 52.3 in December, staying above the 50-level mark separating growth from contraction for the fourth straight month.