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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
IndiaIndia HSBC India Services PMI climbed to 54.1 in August 2026
FMPMonthlyReleased September 2026
India HSBC India Services PMI climbed to 54.1 in August 2026, released September 2026, up 0.8 from July's 53.3 reading. The reading matched the 54.5 consensus. The print is running well below the 12-month average of 57.52. Over the past 3 months, HSBC India Services PMI averaged 55.03, vs 58.35 in the prior 3-month window. The reading is in the 12th percentile of the trailing 24-month range.
Latest Release
54.1
Actual
54.5
Consensus
53.3
Previous
Median Absolute Error
±0.66
across last 8 releases
Last Call
Sep 2026
Predicted: 54.73
Actual: 54.1
Error: +0.63
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| XAU/USD | ▼ Inverse | −0.36 | COMMODITIES | Moves against | → View |
| BTC/USD | ▼ Inverse | −0.28 | CRYPTO | Moves against | → View |
| USD/INR | ▲ Direct | +0.25 | FOREX | Moves with | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
HSBC India Services PMI (India) was reported at 54.10 in September 2026. This missed the market consensus of 54.50 by 0.40. The reading rose from the previous value of 53.30. Trailing 12-month context per ETL data through September 2026. Over the past 12 months, the indicator has averaged 57.01, ranging from 53.30 to 59.80 across 10 releases.
WHY IT MATTERS
The trailing three releases averaged 53.97, down from the prior three at 58.67.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with XAU/USD (Bearish XAU). Over the last 8 releases, the Sigmacast model's median absolute error is 0.66.
WHAT TO WATCH NEXT
The next release is scheduled for September 23, 2026. Same-country events in the next 14 days include Balance of Trade (Sep 15) and HSBC Manufacturing PMI (Sep 23).
Auto-generated from current model state · Refreshes on each release · Last update September 2026.
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HSBC India Services PMI - IN
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About HSBC India Services PMI — India
DEFINITION
HSBC India Services PMI is a leading economic indicator that measures the performance of the Indian services sector. It provides valuable insights into the country's economic health by tracking changes in business activity, new orders, employment, and prices. This data is collected through surveys of purchasing managers in various industries, making it a reliable and timely source of information for businesses, investors, and policymakers. With its comprehensive coverage and robust methodology, HSBC India Services PMI is a trusted tool for analyzing and forecasting trends in the Indian economy.
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. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Aug 2026): actual 54.1, consensus 54.5. Prior reading (Aug 2026): 54.5. Before that (Jul 2026): 53.3.
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.
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EXPECTED ZONE
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Economic Calendar - IN Events
| Monday, September 14, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 06:30 | IN | WPI Manufacturing YoY | 8.37 | 8.29 | 8.5 | 9.11 | Low |
| 06:30 | IN | WPI Inflation YoY | 9.92 | 9.78 | 9.89 | 10.04 | Low |
| 06:30 | IN | WPI Food Index YoY | 7.05 | 6.65 | 6.7 | 7.38 | Low |
| 06:30 | IN | WPI Fuel YoY | 22.93 | 20.05 | 15 | 18.31 | Low |
| 10:30 | IN | Inflation Rate MoM | 0.73 | 0.88 | 0.6 | 0.67 | Low |
| 10:30 | IN | Inflation Rate YoY | 4.82 | 4.44 | 4.8 | 4.81 | Medium |
| Tuesday, September 15, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 09:00 | IN | Balance of Trade | -31.98 | -33 | -33.61 | Medium | |
| 10:30 | IN | Unemployment Rate | 5.1 | 5.2 | 5.30 | Low | |