Consumer sentiment in India increased marginally in October as consumers remained upbeat about spending conditions despite turmoil in currency markets, says a report.
The GICI (Genesis India Consumer Indicator) - a monthly indicator tracking consumer sentiment pan India across personal finances, business conditions and buying conditions) increased slightly in October to 62.43 from 61.38 in September, nearly matching the record high levels seen in July.
A result above 50 indicates respondents are optimistic while a reading below 50 indicates that pessimists outweigh optimists.
"Overall this was another positive survey showing consumer confidence close to the record high seen in July," said Chief Economist of GMMR, Philip Uglow.
Genesis Management and Market Research (GMMR) compiles GICI index.
Uglow further said, "consumers remain upbeat about spending conditions, shrugging off the recent turmoil in currency markets, although there are some signs that this optimism may have peaked".
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Despite the latest rise, sentiment towards current business conditions remains significantly down from its peak in July, largely owing to the turmoil in the currency market.
The survey further noted that consumer durable buying sentiment increased for the third consecutive month to hit a record high of 76.07 in October from 75.6 in September.
"Confidence has been boosted significantly in recent months by the cut in GST, although there are signs that it might have peaked," the report said.
Meanwhile, attitudes towards the automobile sector, which have been increasingly positive over recent months, dropped back sharply in October, another sign that buying conditions may have peaked, it noted.