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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
IndiaIndia HSBC Composite PMI fell to 57 in March 2026
FMPMonthlyReleased April 2026
India HSBC Composite PMI fell to 57 in March 2026, released April 2026, down 1.9 from February's 58.9 reading. The reading matched the 56.5 consensus. Year-over-year, the indicator is down 2.5. Over the past 3 months, HSBC Composite PMI averaged 58.18, vs 59.73 in the prior 3-month window. The reading is in the 4th percentile of the trailing 24-month range.
Latest Release
57
Actual
56.5
Consensus
58.9
Previous
Median Absolute Error
±0.86
across last 12 releases
Last Call
Mar 2026
Predicted: 58.38
Actual: 56.5
Error: +1.88
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| NIFTY 50 | ▼ Inverse | −0.43 | INDEX | Bearish NIFTY 50 | → View |
| Nikkei 225 | ▼ Inverse | −0.32 | INDEX | Bearish Nikkei 225 | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
HSBC Composite PMI (India) was reported at 57.00 in April 2026. This beat the market consensus of 56.50 by 0.50. The reading fell from the previous value of 58.90. Trailing 12-month context per ETL data through March 2026. Over the past 12 months, the indicator has averaged 60.24, ranging from 56.50 to 65.20 across 16 releases. This is classified as a medium-impact indicator released on a monthly basis.
WHY IT MATTERS
The indicator has been trending downward over the last three releases. The trailing three releases averaged 58.23, down from the prior three at 58.37. Volatility over the past year (σ 2.04) is higher than the prior year (σ 1.08). In March readings over the past 3 years, HSBC Composite PMI has averaged 58.82.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with NIFTY 50 (Bearish NIFTY 50). A secondary relationship exists with Nikkei 225, negatively correlated (Bearish Nikkei 225). Over the last 12 releases, the Sigmacast model's median absolute error is 0.86.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include MPC Meeting Minutes (Jun 19) and Monetary Policy Meeting Minutes (Jun 19).
Auto-generated from current model state · Refreshes on each release · Last update March 2026.
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HSBC Composite PMI - IN
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About HSBC Composite PMI — India
DEFINITION
The HSBC composite PMI is a widely recognized financial indicator that measures the overall economic health of a country by combining the performance of both the manufacturing and services sectors. It provides valuable insights into the current state and future outlook of the economy, making it a crucial tool for investors, businesses, and policymakers. With its comprehensive and timely data, the HSBC composite PMI is a reliable source for assessing the overall economic activity and potential growth opportunities.
WHY THIS INDICATOR MATTERS
Sentiment surveys are forward-looking inputs that often lead hard data on output and hiring. Sharp swings can drive cross-asset repricing. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Mar 2026): actual 57, consensus 56.5. Prior reading (Mar 2026): 56.5. Before that (Feb 2026): 58.9.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bearish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary headwind in the current projection. This indicator correlates most strongly with NIFTY 50 (Bearish NIFTY 50, r=-0.43) — a useful reference for index-focused traders.