The benchmark stock indices opened the day on a negative note, witnessing a correction after the aggressive rally after the Union Budget.
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11:00 AM
Indian services industry improved in January; job cuts continued
Greenshoots in the services sector.
Reuters reports: “Growth in India’s dominant services sector picked up in January as demand improved and consumer optimism was buoyed by the start of a huge COVID-19 vaccination drive, although firms continued to shed jobs, a private survey showed on Wednesday.
That improved sentiment was in line with findings of a Reuters poll last month that predicted Asia’s third-largest economy would recover from the coronavirus crisis more strongly than previously thought, lifted by the government’s “wealth and wellness” budget announced on Feb.1.
The Nikkei/IHS Markit Services Purchasing Managers’ Index rose to 52.8 in January from 52.3 in December, staying above the 50-level mark separating…