11:25am PMI eases: Growth in India's pivotal services
industry lost some momentum in March as input prices rose at the fastest pace
in nearly a year, a business survey showed on Monday.
The HSBC Services Purchasing Managers' Index eased to 53.0 in March from
February's eight-month high of 53.9. A reading above 50 indicates growth, and
March was the 11th straight month of expansion.
"India's service sector ended the first three months of 2015 with a
strong performance, providing signals that much of the weakness seen in 2014
has been left behind," said Pollyanna De Lima, economist at Markit.
"Despite softening slightly since the prior month, growth of activity
and new business in the country's dominant sector was robust," she said.
The input prices sub-index jumped to a nine-month high of 54.3 from
February's 51.2 but as firms absorbed most of the added cost burden, they built
up a bigger backlog of outstanding work.
11:00am: Market Expert
The market remained lacklustre but the broader markets continued their
strong performance. The Sensex rose 18.67 points to 28278.81 and the Nifty
advanced 3.10 points to 8589.35.
The BSE Midcap index gained 0.7 percent and Smallcap rallied over a percent.
More than two shares advanced for every share declining on the Bombay Stock
Exchange.
The market scenario is likely to turn more benign over the next few months,
said Sandip Sabharwal of asksandipsabharwal.com. “Three months ago we were
looking at several global concerns like the possibility of an early rate hike
by the US Federal Reserve, Greek Crisis which would become uncontrollable and
several others. However, last week we saw some positive developments, which
would play out over the next few months,” he said.
He feels the Iran situation is very positive from India’s perspective — both
in terms of keeping crude prices down and opening up of the export market for
India. For the immediate short term, Sabharwal sees the RBI policy slated
Tuesday to play an important role. For More information please visit this site www.bigprofitbuzz.com
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