India's services sector ended 2024 on a strong note, with the HSBC India Services Business Activity Index rising from 58.4 in November to 59.3 in December, according to the HSBC PMI survey.
Pranjul Bhandari, Chief India Economist at HSBC, said "During November, services sector employment notably grew at the fastest pace ever recorded since this survey began in 2005. The hiring surge reflected the sector's improving business confidence, growing new orders, and vigorous internati
Pranjul Bhandari, Chief India Economist at HSBC, commented on the findings, stating, "The Composite PMI for India continued to show strong growth in August, driven by accelerated business activity in the service sector, which experienced its fastest expansion since March.
The services sector in India experienced a further upturn in terms of business activity during July, according to HSBC India Services PMI data released on Monday.
In April, the non-manufacturing business activity index was 56. Although the figure dropped 1.8 percentage points from March, it was still above the 50-point mark that separates expansion and contraction, indicating that the non-manufacturing sector maintained high-level growth, according to
Though the index eased to 57.8 in March from 59.4 in February, S and P Global said the index was in growth territory (above 50) for the twentieth successive month due to favourable demand conditions and new business gains were among the reasons cited for the latest rise.
Adani Group firms such as Adani Enterprises, Adani Green, Adani Transmission, Adani Wilmar, Adani Ports and Adani Power made gains during Friday's session. After opening at 17,451.25, the Nifty extended gains during the day and settled near the 17,600 level.
At 59.4 in February, the seasonally adjusted S&P Global India Services PMI Business Activity Index was at its highest level in 12 years and indicated a sharp expansion in output. It was 57.2 in January. Where growth was reported, survey participants mentioned favourable demand conditions
The dollar retreated on Monday after the October S&P Global Composite PMI release showed US business activity contracting for a fourth straight month, an indication that the US Federal Reserve's aggressive monetary tightening was having a significant impact.
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