Solid domestic demand lifts services PMI to 7-year high of 55.5 in Jan

India's dominant service industry began 2020 in a buoyant mood as activity accelerated in January at the fastest pace in seven years on strong domestic demand, a private survey showed on Wednesday. The results would likely bring some relief for markets and policymakers after only modest spending increases in a recent budget had disappointed investors looking for more robust stimulus to support a stuttering economy. The Nikkei/IHS Markit Services Purchasing Managers' Index rose to 55.

5 in January from December's 53.3..

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