Services sector growth in India, in terms of new business, international sales and output, rose at the slowest rates since November 2023, HSBC India Services PMI showed on Friday.
The Indian stock market on Monday will be driven by favourable global cues and domestic economic data such as the HSBC India Manufacturing PMI and HSBC India Services PMI, as per the market analysts.
The Services PMI, recorded 60.3 in July 2024, has consistently held above the 60-mark for seven consecutive months. This sustained performance is attributed to strong demand, increased investment in technology, and new business gains.
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.
India reported sustained growth in services sector output in June, with the rate of expansion quickening from May's five-month low amid a stronger rise in new orders, according to HSBC India Services PMI survey released on Wednesday.
Services sector in India recorded a robust performance and the output rose at the second-quickest pace since July 2010, according to S&P Global India Services PMI released on Monday.
Talking about the coming week, Ajit Mishra, Vice-President Research, Religare Broking, said, "The coming week marks the beginning of the new month also so participants will be eyeing high-frequency data viz. auto sales, manufacturing PMI and services PMI data. Before that, the GDP data, sche
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