周五早盘，印度股市上涨231点，涨幅0.3%，至76813点，连续第三个交易日上涨，受到科技股和耐用消费品股的支撑。BSE Sensex指数追随亚洲同行的上涨，此前美国总统唐纳德·特朗普表示将推动降低利率，华尔街隔夜表现乐观。然而，在美联储利率决定和下周公布的中国官方PMI数据之前的谨慎限制了涨幅。此外，初步数据对市场情绪造成压力，因为印度私营部门在2025年1月的增长是两年来最低的。Nifty 50指数上涨0.2%，至23250点以上，其中电网（2.2%）、JSW钢铁（1.9%）和塔塔消费品（1.6%）涨幅显著。本周，BSE Sensex指数在连续两周下跌后，将上涨0.3%，这得益于唐纳德·特朗普的私营部门人工智能基础设施投资计划对科技行业的乐观情绪。

The stock market in India rose by 231 points, or 0.3%, to 76,813 in the Friday morning session, gaining for the third straight session, supported by tech and consumer durables stocks. The BSE Sensex tracked a rise in Asian peers, following an upbeat session on Wall Street overnight after U.S. President Donald Trump said he would push for lower interest rates. However, caution ahead of the Fed’s interest rate decision and official PMI data in China, set to be released next week, limited the gains. Additionally, preliminary data pressured sentiment, as the private sector in India grew the least in two years in January 2025. The Nifty 50 climbed 0.2% to above 23,250, with notable gains from Power Grid (2.2%), JSW Steel (1.9%), and Tata Consumer Products (1.6%). For the week, the BSE Sensex is heading for a 0.3% rise after two consecutive weekly declines, supported by optimism in the tech sector amid Donald Trump’s private-sector artificial intelligence infrastructure investment plan.

初步估计显示，汇丰银行印度制造业采购经理人指数从12月的56.4升至2025年1月的58，高于预期的56.7。这标志着印度制造业自去年7月以来的最快扩张，因为产出和新订单从相对疲软的第三财季反弹。工厂订单以六个月来最快的速度增长，出口订单的增长尤为显著。创造就业机会也有所加强，企业增加了投入采购，随着供应商交货时间进一步缩短，这支持了预生产库存的更快增长。然而，成品库存下降，创下近三年来最大跌幅。在价格方面，投入成本通胀回落至十个月低点，按历史标准保持温和。展望未来，商业信心较12月有所改善，反映出制造业公司的预测更加乐观，这是自2024年5月以来最有信心的。

The HSBC India Manufacturing PMI rose to 58 in January 2025, up from 56.4 in December and above the expected 56.7, preliminary estimates showed. This marked the fastest expansion in the Indian manufacturing sector since July last year, as output and new orders rebounded from a relatively weak third fiscal quarter. Factory orders grew at its fastest pace in six months, and the growth in export orders was particularly notable. Job creation also strengthened, and firms increased input purchases, which supported a quicker rise in pre-production inventories as supplier delivery times shortened further. However, finished goods stocks fell, marking the largest drop in nearly three years. On prices, input cost inflation retreated to a ten-month low and remained modest by historical standards. Looking ahead, business confidence improved from December, reflecting more optimistic forecasts among manufacturing companies, who are at their most confident since May 2024.

初步数据显示，汇丰银行印度服务业采购经理人指数从12月四个月来的最高读数59.3降至2025年1月的56.8，低于市场预期的59.5。这标志着服务业活动连续第42个月增长，也是自2022年11月以来最疲软的增速。新订单增长，国外销售额增长较快，未完成业务继续增长。在价格方面，由于化学品、劳动力、皮革、肉类、橡胶和蔬菜的成本上升，投入成本通胀加速至一年半以来的最高水平。因此，产出成本通胀也加速了。最后，商业信心跌至三个月低点。汇丰银行首席印度经济学家Pranjul Bhandari表示：“然而，服务业新的国内业务增长放缓突显了经济中潜在的薄弱环节。另一方面，服务提供商的新出口业务似乎将保持增长势头。”

The HSBC India Services PMI fell to 56.8 in January 2025 from the highest reading in four months in December of 59.3, below market estimates of 59.5, preliminary data showed. This marked the 42nd consecutive month of growth in services activity and the softest pace since November 2022. New orders grew, with foreign sales rising faster, while outstanding business continued to rise. On the price front, input cost inflation accelerated to the highest in a year and a half, due to higher costs in chemicals, labor, leather, meat, rubber, and vegetables. As a result, output cost inflation also accelerated. Lastly, business confidence weakened to a three-month low. "The cooling in growth in new domestic business in the services sector, however, highlights a potentially emerging weak spot in the economy. New export business for service providers, on the other hand, looks set to maintain its growing momentum,” Pranjul Bhandari, Chief India Economist at HSBC, said."

闪存数据显示，汇丰印度综合采购经理人指数从12月的最终59.2降至2025年1月的57.9。这是自2023年1月以来的最低水平，尽管这是私营部门活动增长的第42个月，并保持在54.7的长期平均水平之上。服务业经济增速为两年多来最低，但工厂活动增速为六个月来最高。新订单减少，而产量增长为2023年11月以来最低。然而，由于全球订单强劲，海外销售额增长了六个月来最多。随着永久和临时工人的雇佣，就业增长达到了历史最高点。也就是说，优秀业务在近两年半的时间里增长最快，主要集中在服务提供商方面。在通货膨胀方面，由于服务经济1-1/2年来最高的投入价格通货膨胀，成本压力增加，而产出费用显著上升。最后，受制造商8个月来最乐观的数据提振，市场情绪有所改善。

The HSBC India Composite PMI fell to 57.9 in January of 2025 from a final 59.2 in December, flash data showed. It was the lowest print since January 2023 despite marking the 42nd month of increase in private sector activity and staying above its long-run average of 54.7. The service economy logged its slowest rise in over two years but factory activity saw the strongest gain in six months. New orders eased while output increased the least since November 2023. However, foreign sales grew the most in six months due to robust orders globally. Employment growth hit a record peak as permanent and temporary workers were hired. That said, outstanding business rose the most in near 2-1/2 years, with strong accumulation mainly in service providers. On inflation, cost pressures mounted, due to the highest input price inflation in 1-1/2 years for the service economy, while output charges rose markedly. Lastly, sentiment improved, lifted by the most upbeat reading in 8 months for manufacturers.