India’s Service Growth In October Is Strongest In Ten Years
India’s service growth in October strongest in ten years, input cost increased: Services PMI.
India’s core services industry has grown at the fastest rate in over a decade. India’s service growth in October is strongest.
This improvement has been seen despite high inflation, apart from improving domestic demand, which has also helped in achieving growth.
This information has come out in a private survey. The IHS Market Services Purchasing Managers Index rose to 58.4 last month from 55.2 in September.
Asia’s third-largest economy saw a steady recovery, according to the survey, but rising prices prompted the Reserve Bank of India to hike interest rates earlier than expected, putting the brakes on growth.
With the great rally before Diwali in the stock market, investors are taking more interest in these stocks.
There was a good rally in the stock market on Diwali on Wednesday. Sensex went up to 60,328 after opening at 60,275 points. On Tuesday, the Sensex closed at 60,029 points.
At the same time, more than two dozen stocks including L&T, Kotak Bank saw a rise. Nifty 50 was trading 74 points higher from yesterday’s close of 17,888.
On Tuesday, Sensex fell 109 points due to a fall in shares of big companies like Reliance Industries, Tata Steel, and ICICI Bank. A weak trend in global markets also influenced the sentiment here.
The 30-share Sensex of BSE fell 109.40 points or 0.18 percent to 60,029.06 points.
Similarly, the Nifty of the National Stock Exchange closed at 17,888.95, down from 17,900 points, down 40.70 points, or 0.23 percent.
Among the Sensex companies, Tata Steel’s stock fell the most by about 3 percent.
Shares of Tech Mahindra, HCL Tech, IndusInd Bank, and Reliance Industries also ended in losses. On the other hand, Maruti, NTPC, Titan, SBI, and L&T were among the gainers.
BSE Midcap and Smallcap rose up to 1.11 percent.
Vinod Nair, Head of Research, Geojit Financial Services, said, “Due to the slowdown in global markets, the domestic markets were also unable to maintain their momentum and there were ups and downs during the day trading.”
Global markets also had a weak trend ahead of the meeting.
Shares of auto companies remained in demand today. Maruti’s stock rose 2.36 percent despite supply chain constraints and a hike in fuel prices.
Bajaj Auto gained 0.51 percent and Mahindra & Mahindra 0.87 percent. Religare Broking Vice President (Research) Ajit Mishra said the market remained in a narrow range in the absence of any major catalyst and closed with minor losses.
