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The BSE Sensex fell 158 points, or 0.2%, to 78,411 in morning deals on Wednesday, moving away from its highest level in four weeks in the previous session as traders were cautious ahead of the interest rate decision later this week. The RBI is expected to cut rates by 25 bps amid a slowdown in GDP growth. Caution also built amid worries of a potential trade war following China's retaliation on some US products, as tariffs on China went into effect Tuesday, despite President Trump planning to speak soon with Chinese President Xi Jinping. On the data front, India's PMI services index was revised slightly lower in January, marking the softest growth since November 2022. Consumer goods, realty, and auto sectors mainly weighed on the index, with notable losses from Asian Paints (-3.7%) after posting a 23.3% YoY slump in its consolidated net profit for Q3. Other early decliners included Titan (-2.6%), Nestlé India (-2.5%), Bajaj Finserv (-1.3%), and Sun Pharmaceuticals (-0.9%).

2025年1月，汇丰银行印度服务业采购经理人指数被下调至56.5，低于初步估计的56.8，也低于12月四个月来的最高读数59.3。尽管如此，最新数据标志着服务业活动连续第42个月增长，也是自2022年11月以来最疲软的增速，因为新业务的增长是自2023年11月来最低的。新订单增长，国外销售额增长更快。整体扩张速度创下五个月新高。创造就业机会的速度加快，是自2005年12月开始收集数据以来最快的。在价格方面，由于员工成本和食品价格上涨，投入成本通胀加速。因此，产出成本通胀也加速并高于其趋势。最后，由于对竞争的担忧，市场情绪跌至三个月低点。

The HSBC India Services PMI was revised lower to 56.5 in January 2025, down from 56.8 in the preliminary estimates and declining from the highest reading in four months in December of 59.3. Still, the latest figure marked the 42nd consecutive month of growth in services activity and the softest pace since November 2022, as new business rose the least since November 2023. New orders grew, with foreign sales rising faster. The overall rate of expansion hit a five-month high. The job creation accelerated and was among the fastest seen since data collection started in December 2005. On the price front, input cost inflation accelerated due to higher staff costs and food prices. As a result, output cost inflation also accelerated and above its trend. Finally, sentiment weakened to a three-month low amid concerns about competition.

2025年1月，汇丰印度综合采购经理人指数为57.7，低于57.9的快速读数和12月的59.2。这是14个月来的最低水平，尽管这标志着私营部门活动连续第42个月扩张，并仍高于其长期平均水平54.7。服务业经济以两年多来最慢的速度增长，而工厂活动则出现了六个月来最强劲的增长。新订单增长创下9月以来的最低水平，工厂订单有所回升，与2023年11月以来服务销售的最低增幅形成鲜明对比。在价格方面，投入成本增长是三个月来最小的，低于长期平均水平。至于销售费用，总体通胀率与12月大致相似，因为商品生产商的放缓抵消了服务提供商的加剧。

The HSBC India Composite PMI stood at 57.7 in January 2025, below the flash reading of 57.9 and December's figure of 59.2. This was the lowest print in 14 months despite marking the 42nd consecutive month of expansion in private sector activity and remaining above its long-run average of 54.7. The service economy rose at the slowest pace in over two years, while factory activity saw its strongest gain in six months. New order growth hit its lowest level since September, with a pick-up in factory orders contrasting with the weakest rise in services sales since November 2023. On the price front, input cost increases were the least in three months and below their long-run average. As for selling charges, the overall rate of inflation remained broadly similar to December, as a slowdown at goods producers offset an intensification at service providers.

美元走软，美国国债收益率下降对卢比没有帮助。周三开盘时，印度卢比可能会下跌，受该货币在无本金交割远期市场疲软的影响，同时无法利用美元指数的进一步下跌。

Weaker dollar, dip in US yields of no help to rupee.The Indian rupee is likely to decline at open on Wednesday weighed by the currency's weakness in the non-deliverable forward markets, while being unable to take advantage of the further decline in the dollar index.