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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 | Signal Bias | Action |
|---|---|---|---|---|---|
| Hang Seng | ▼ Inverse | −0.84 | INDEX | Bearish Hang Seng | → View |
| BTC/USD | ▼ Inverse | −0.70 | CRYPTO | Bearish BTC | → View |
| NIFTY 50 | ▼ Inverse | −0.67 | INDEX | Bearish NIFTY 50 | → View |
| S&P 500 | ▼ Inverse | −0.66 | INDEX | Bearish S&P 500 | → View |
| Nikkei 225 | ▼ Inverse | −0.40 | INDEX | Bearish Nikkei 225 | → 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 59.80 in June 2026. This beat the market consensus of 58.90 by 0.90. The reading rose from the previous value of 58.80. Trailing 12-month context per ETL data through June 2026. Over the past 12 months, the indicator has averaged 58.48, ranging from 57.20 to 59.80 across 6 releases.
WHY IT MATTERS
The indicator has been trending upward over the last three releases. The trailing three releases averaged 58.63, up from the prior three at 58.33.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with Hang Seng (Bearish Hang Seng). A secondary relationship exists with BTC/USD, negatively correlated (Bearish BTC).
WHAT TO WATCH NEXT
The next release is scheduled for June 23, 2026. 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 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 (May 2026): actual 59.8, consensus 58.9. Prior reading (May 2026): 58.9. Before that (Apr 2026): 58.8.
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 bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with Hang Seng (Bearish Hang Seng, r=-0.84) — a useful reference for index-focused traders.