Indian markets weak after lowest services sector reading
06 January 2014
Markets continued to remain weak in late morning trades today after it was revealed in a survey that India's services sector registered its lowest reading in three months.
At 11:30 am, the 30-share Sensex was 38 points up at 20,813 while the 50-share Nifty was up 12 points at 6,199.
The HSBC Services Purchasing Managers' Index (PMI), compiled by Markit, was down to 46.7 in December from 47.2 in November.
The December reading is the lowest in three months with the index having now stayed below the 50 mark dividing growth and contraction for the sixth straight month.
New orders index which was down to 47.3 in December from 48.2 in November, has now been at sub-50 levels for six months.
The rupee remained weak due to dollar demand by importers and according to currency dealers, it may weaken further during the day. According to the dealers, the RBI might intervene if that happened.
JSW Steel was up at Rs 1,034 after the company said that Raigad Unit of Heidelberg Cement India had been transferred to the company with effect from the end of business hours on 3 January , 2014.