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Markets rallied to their highest point of the day, with the NSE Nifty 50 index hitting an intraday high of 8,141 led by a continued surge in auto makers as well as a resilient performance from European indices despite the Italy referendum.
By @shraddha_babla
India’s economy will be hurt in the aftermath of Prime Minister Narendra Modi’s shock clampdown on cash, a private survey signals.
The Nikkei India Services Purchasing Managers’ Index was at 46.7 in November, a report showed on Monday, the lowest since December 2013 and below the 50-mark, which indicates contraction. Services contribute about 60 percent to the $2 trillion economy.
"New business declined for the first time since June 2015, leading to a solid reduction in activity," the report said. "Inspite of the falls in output and new orders, optimism regarding future activity improved. Input costs were broadly unchanged, whereas prices charged decreased slightly."
Shares of the FMCG company gained as much as 1.7 percent to Rs 6,340 after posting a two days of decline. The company announced an interim dividend of Rs 16 per share. This is dairy products maker’s third interim dividend this year.
Movers & Shakers: Ricoh India, KEC International, Crompton Greaves And More
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Security beefed up across Tamil Nadu as Jayalalithaa suffers cardiac arrest.https://t.co/BlxdzKeRM1
— BloombergQuint (@BloombergQuint) December 5, 2016
Euro slips with Asian stocks as Italy PM resigns after referendum loss.
— BloombergQuint (@BloombergQuint) December 5, 2016
Read| https://t.co/CtBddZiFNI pic.twitter.com/rq4kmvPjx7
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