10.50 AM: Nifty below 10,650, Sensex down 80 pts; IT stocks under pressure

ndia’s service economy expanded further at the end of 2018, as strengthening demand continued to translate into new business gains. Although growth of new work and activity moderated from November’s recent high, companies hired additional workers to a greater extent. Supporting the uptick in job creation was an improvement in business sentiment and easing cost inflationary pressures. Expenses rose at the weakest pace in over one-and-a-half years, said Nikkei IHS Markit.

Despite falling to 53.2 in December, from 53.7 midquarter, the seasonally adjusted Nikkei India Services Business Activity Index pointed to an expansion in sector output that was among the strongest recorded in the past two years. The figure contributed to the highest quarterly average seen since Q4 FY 2015/16. Information & Communication remained the strongest performing category, posting the quickest increases in both new business and activity. Real Estate & Business Services was the only segment to record contractions, added further.

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