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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
IndiaIndia HSBC Manufacturing PMI climbed to 55 in May 2026
FMPMonthlyReleased June 2026
India HSBC Manufacturing PMI climbed to 55 in May 2026, released June 2026, up 0.7 from April's 54.3 reading. The reading matched the 54.3 consensus. Year-over-year, the indicator is down 2.6. Over the past 3 months, HSBC Manufacturing PMI averaged 54.52, vs 56.1 in the prior 3-month window. The reading is in the 14th percentile of the trailing 24-month range.
Latest Release
55
Actual
54.3
Consensus
54.3
Previous
Median Absolute Error
±0.86
across last 12 releases
Last Call
Jun 2026
Predicted: 53.47
Actual: 55
Error: -1.53
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 |
|---|---|---|---|---|---|
| USD/INR | ▼ Inverse | −0.33 | FOREX | Bearish USD | → View |
| NIFTY 50 | ▼ Inverse | −0.33 | INDEX | Bearish NIFTY 50 | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
HSBC Manufacturing PMI (India) was reported at 55.00 in June 2026. This beat the market consensus of 54.30 by 0.70. The reading rose from the previous value of 54.30. Trailing 12-month context per ETL data through June 2026. Over the past 12 months, the indicator has averaged 57.06, ranging from 53.80 to 59.80 across 20 releases.
WHY IT MATTERS
The indicator has been trending upward over the last three releases. The trailing three releases averaged 54.40, down from the prior three at 56.07. Volatility over the past year (σ 1.92) is higher than the prior year (σ 0.65). In June readings over the past 3 years, HSBC Manufacturing PMI has averaged 57.40.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with USD/INR (Bearish USD). A secondary relationship exists with NIFTY 50, negatively correlated (Bearish NIFTY 50). Over the last 12 releases, the Sigmacast model's median absolute error is 0.86.
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 Manufacturing PMI - IN
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About HSBC Manufacturing PMI — India
DEFINITION
HSBC Manufacturing PMI is a widely recognized financial indicator that measures the performance of the manufacturing sector in a specific country. It is based on a monthly survey of purchasing managers from various industries, providing valuable insights into the overall health and growth of the manufacturing industry. This indicator is used by investors, policymakers, and businesses to make informed decisions and assess the economic outlook of a country. With its timely and accurate data, HSBC Manufacturing PMI is a crucial tool for understanding the state of the manufacturing sector and its impact on the broader 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. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (May 2026): actual 55, consensus 54.3. Prior reading (May 2026): 54.3. Before that (Apr 2026): 54.7.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook diverging from that direction. The 1-month and 3-month horizons disagree, suggesting a mixed signal. Trend-driven dynamics are the primary headwind in the current projection.