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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
IndiaIndia HSBC India Services PMI climbed to 59.8 in May 2026
FMPMonthlyReleased June 2026
India HSBC India Services PMI climbed to 59.8 in May 2026, released June 2026, up 1 from April's 58.8 reading. The reading matched the 58.9 consensus. HSBC India Services PMI has now risen for 6 consecutive months. Over the past 3 months, HSBC India Services PMI averaged 58.06, vs 58.33 in the prior 3-month window. HSBC India Services PMI is now the highest in 149 months.
Latest Release
59.8
Actual
58.9
Consensus
58.8
Previous
Median Absolute Error
±0.8
across last 5 releases
Last Call
Jun 2026
Predicted: 58.35
Actual: 59.8
Error: -1.45
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 | ▲ Direct | +0.52 | COMMODITIES | Moves with | → View |
| Nikkei 225 | ▲ Direct | +0.36 | INDEX | Moves with | → View |
| BTC/USD | ▼ Inverse | −0.27 | CRYPTO | Moves against | → 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 57.30 in June 2026. The reading fell from the previous value of 59.80. Trailing 12-month context per ETL data through June 2026. Over the past 12 months, the indicator has averaged 58.31, ranging from 57.20 to 59.80 across 7 releases.
WHY IT MATTERS
The trailing three releases averaged 58.67, up from the prior three at 57.90.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with XAU/USD (Bullish XAU). A secondary relationship exists with Nikkei 225, positively correlated (Bullish Nikkei 225).
WHAT TO WATCH NEXT
The next release is scheduled for August 5, 2026. Same-country events in the next 14 days include Interest Rate Decision (Aug 5) and Inflation Rate YoY (Aug 12).
Auto-generated from current model state · Refreshes on each release · Last update June 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 (Jun 2026): actual 57.3. Prior reading (May 2026): 59.8. Before that (May 2026): 58.9.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a lower 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 XAU/USD (Bullish XAU, r=0.52) — a useful reference for commodities-focused traders.
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EXPECTED ZONE
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