India services and composite PMI - September 2020 - Angel Broking

Mr. Jyoti Roy - DVP - Equity Strategist, Angel Broking Ltd

"India services PMI for the month of September has improved to 49.8 in September from 41.8 in August thus signaling further improvement in the services sector. While the services sector has been recovering from post pandemic lows, the recovery is still weak as compared to the manufacturing sector which has been posting a smart recovery as signaled by the manufacturing PMI and auto sales numbers. Indian manufacturing PMI for September improved sharply to 56.8 in September from 52.0 in August and is the highest reading for the indicator since January 2012. The composite PMI reported an expansion for the first time in six months rising from 46.0 in August to 54.6 and signaled a marked improvement across the private sector economy. We expect the services sector to improve gradually from here as more parts of the economy are gradually opened up."

Source : Equity Bulls

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