Jan sees sharpest rise in private sector output since last Feb. Nikkei India Composite PMI Output Index climbs from 51.6 in Dec to an 11-month high of 53.3 in Jan. Nikkei Services Business Activity Index hits 19-month high of 54.3 in Jan vs 53.6 in Dec, shows accelerated expansion of activity across the sector.
At 11:53 AM, the S&P BSE Sensex is trading at 24,314 down 225 points, while NSE Nifty is trading at 7,389 down 66 points.
The BSE Mid-cap Index is trading down 1.37% at 10,153, whereas BSE Small-cap Index is trading down 2.10% at 10,538.
All sectors are showing weakness on BSE.
Sun Pharmaceuticals, HUL, Bajaj-Auto and HDFC are among the gainers, whereas BHEL, ICICI Bank, SBI, ONGC, Tata Motors, Axis Bank and GAIL are losing sheen on BSE.
Indian Rupee opened weaker at 68.19/$, down up by 21 paise in early trade on Wednesday as against the previous close of 67.84/$. Yesterday rupee weakened further against major currencies, impacted by the dull tone in domestic equities. On domestic front, RBI is targeting inflation of 5% by the end of March 2017, considering the trajectory in oil markets and trend in currency markets. However, the central bank advocated caveat to the inflation outlook, elaborating that repercussions of the hike in salaries and pensions of Central government employees are not accounted in this projections. In addition, uncertainty over monsoon and the imponderable geopolitical equation (impacting oil prices) can challenge the inflation targets. On growth side, RBI is projecting GVA growth for FY2016‐17 projected at 7.6%.
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