Covid curbs still subdue India s services sector output: PMI moneylife.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneylife.in Daily Mail and Mail on Sunday newspapers.
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Service sector stuck in contraction, business activity falls again: IHS Markit ANI | Updated: Aug 04, 2021 13:45 IST
New Delhi [India], August 4 (ANI): The Indian service sector remained in the red during July largely due to Covid-19 pandemic and local restrictions, according to the latest IHS Markit Services Purchasing Managers Index (PMI) released on Wednesday.
Business activity, new orders and employment declined further but in all cases rates of contraction moderated from June. Looking ahead, firms were pessimistic about the 12-month outlook for output for the first time in a year.
Covid curbs still subdue India s services sector output: PMI prokerala.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prokerala.com Daily Mail and Mail on Sunday newspapers.
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Covid-hit service sector sees sharper declines in sales, output: IHS Markit ANI | Updated: Jul 05, 2021 10:52 IST
New work intakes and output contracted at the fastest rates since July 2020 which prompted companies to reduce employment again. Business sentiment took another hit with panellists neutral in their assessments of output forecasts for the year ahead.
Registering 41.2 in June, the seasonally adjusted India Services Business Activity Index highlighted a further contraction in output.
Moreover, falling from 46.4 in May, the latest reading pointed to the fastest rate of reduction since July 2020. Monitored companies commonly indicated that intensification of Covid-19 crisis and tight restrictions curbed demand for services.
The benchmark indices Sensex and Nifty shed 0.8 per cent each last week. Going into trade, investors will continue to track cues from global markets in order to gain direction in movement. Rising vaccination and reducing Covid cases are likely to provide optimism in the market. So far, India has recorded 3.05 crore cases and over 4 lakh fatalities. Meanwhile, the cumulative number of Covid-19 vaccine doses administered in India has crossed 34.46 crore, according to the Union Health Ministry. Furthermore, large and mid-cap IT companies will remain in focus this week as Q1 FY22 result season commences in India, with Tata Consultancy Services slated to post its results on July 8.