India manufacturing PMI - April 21 by Mr. Jyoti Roy, Angel Broking Ltd
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Below are Quote on India manufacturing PMI - April 21 by Mr. Jyoti Roy - DVP- Equity Strategist, Angel Broking Ltd
Indian manufacturing PMI for April improved marginally to 55.5 from 55.4 in March despite the second Covid wave with the headline number continuing to remain well above the long term average of 53.6. While there was a slowdown in output and sales due to the Covid-19 pandemic there was acceleration in new export orders due to recovery in international trade. The April manufacturing PMI numbers corroborate our view that we are witnessing a strong rebound in the manufacturing sector which is expected to continue. While the restrictions imposed by various states may not have a very large impact on the manufacturing sector it is bound to have an impact on the services sector. Therefore the services PMI which will be released later during the week will be of critical importance and will be keenly awaited by the markets.
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