At the stock markets, rising for the third straight day, the Sensex at the Bombay Stock Exchange jumped 353 points, or 0.9 percent, to end at 41,143, yesterday. The Nifty at the National Stock exchange advanced 110 points, or 0.9 percent, to 12,089. Asian stock markets extended gains on Wednesday. Hang Seng climbed 0.52 per cent in early trade while Japan’s Nikkei stock index rose 0.99%. In the US the S&P 500 rose 1.5% on Tuesday and Nasdaq rose to a record high gaining 2.10 per cent.
Raising hopes of an economic recovery, the services industry accelerated to a 7-year high in January, owing to surge in business orders amid positive market scenario, a survey released on Wednesday said. While services PMI showed the strongest upturn in output for 7 years at 55.5 as against 53.3 (MoM), composite PMI stood at 56.3 as against 53.7 (MoM), the IMS Markit survey said. The Manufacturing Purchasing Managers’ Index (PMI) rose from 52.7 in December to 55.3 in January, the highest in nearly eight years.