Modest year-end

The purchasing managers' index (PMI) for Indian services in December released on Tuesday mirrors the trend in manufacturing, with the year ending on a note of moderation.

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The reading dipped to an 11-month low of 58.0 from 59.8 in November. The PMI for manufacturing reported days earlier fell to 55.0 from 56.6 over the same period. This should, however, be seen as a cool-off rather than a slump. At current levels, both PMI readings are well above the 50 mark, refle