Growth in India’s services industry has slowed down in December. The HSBC Markit Business Activity Index was at just 57.5 for the month. That’s compared to 60.1 in November. November’s figure was, of course, the highest since July. The Business Activity Index has now had readings greater than 50 for 20 straight months. And any figure that’s more than 50 indicates an expansion.
In other news, the government has indicated it’s not going to increase diesel prices anytime soon. On Wednesday, petroleum minister Murli Deora said the government was trying its best to ensure there were no further increases. But he added that if global oil prices went up, something would have to be done. Diesel is crucial both for transportation and agriculture.
And the CBI has once again questioned Suresh Kalmadi, the head organizer of the 2010 Commonwealth Games. On Wednesday it summoned Kalmadi for questioning to the CBI headquarters in Delhi. The CBI had raided Kalmadi’s home last month, and claimed it had found several important documents.
And here’s how Indian markets did on Wednesday. The Sensex plummeted 198 points to close at 20,301. And the Nifty tumbled 67 to finish at 6,080.