India service sector PMI plummets in January

Decline trumped improvement in manufacturing PMI.

Here's more from BBVA:

The service sector expanded at a slower pace in February, with the HSBC service sector PMI falling to 54.2 from 57.5 in January, driven by a decline in new business flows (55.4 vs 58.3 in January). Weakening services sector activity more than offset a pick up in manufacturing PMI for February (54.2 vs 53.2), as released last week. Indian equity shares were up today, as the weak macro-backdrop bolsters expectations of a 25bps repo rate cut by the RBI at its next meeting on March 19, following January’s 25bp cut. We expect easier monetary policy coupled with continued policy efforts in order to support a gradual recovery in economic growth, following the announcement last Thursday that Q4 GDP had fallen to a decade-low of 4.5%.