Indian services activity contracts for second straight month after note ban

"The Indian service economy ended 2016 on a grim note

India's services industry ended 2016 on a sour note, contracting for a second month in a row in December as orders shrank amid a severe cash shortage, a private business survey showed on Wednesday.

The Nikkei/Markit Services Purchasing Managers' Index was little changed at 46.8 in December from November's 46.7. A reading below 50 indicates contraction.

A new business sub-index, an indicator of domestic and foreign demand, fell to a 39-month low of 46.0 in December from 46.7, even though firms cut prices of their goods despite input costs rising at a faster pace.

"The Indian service economy ended 2016 on a grim