India's services activity improves in October to 58.5

Services activity for October

India’s services activity improved to 58.5 in October from a 10-month low of 57.7 in September, data released on November 6 showed.

The HSBC India Services Business Activity Index dipped below 60 for the first time in nine months but stayed above the long-run average. A reading above 50 denotes expansion.

Manufacturing activity also improved from its its lowest in months of 56.5 to 57.5 in October, indicating a stronger start to the third quarter buoyed by the festival season.

Other high-frequency data released this month, too, augur well for the third quarter, with auto sales, especially those of two-wheelers, higher and GST collections rising to a six-month high of Rs 1.87 lakh crore.

(This is a developing story, please check back for updates)