Activity in India's services sector expanded at its fastest rate in five months in November, driven by surging new orders as firms cut prices on tumbling raw material costs, a business survey showed on Wednesday. The outlook was clouded, however, by business confidence slumping to a more than seven-year low. The HSBC Services Purchasing Managers' Index (PMI), compiled by Markit, rose to 52.6 in November. Growth in October had stalled at 50, the level that demarcates growth from contraction. "Despite the uptick in order flows, business sentiment deteriorated, reminding us that continued policy action that addresses investor concerns is needed to sustain growth momentum," said Pranjul Bhandari, chief India economist at HSBC.
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