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Anand Rathi Report
India's Services Purchasing Managers Index (PMI) for July 2020 was one of the worst globally hit and recorded only a small improvement over the previous month.
India's Services PMI reading was much lower than the Manufacturing PMI. The relatively gloomy situation in India for both manufacturing and services may lead to relative under performance of Indian equities.
The Services PMI Index (IHS Markit,seasonally adjusted (SA)) improved for most countries in July 2020.
After a smart recovery in June 2020, the index for India, however, went up only marginally, from 33.7 to 34.2 . The Services PMI is in the expansionary zone (above50) in all European economies Japan, Brazil, India and Kazakhstan recorded Services PMIs in the contraction zone.
Although in the expansion zone, China recorded considerable reduction in its Services PMI in July versus June.
Most European economies have substantially stabilised the pandemic situation and resorted to significant removal of restrictions on economic activities, including tourism and hospitality. This is reflected in both the Manufacturing and Services PMIs in July 2020.
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