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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
IndiaIndia HSBC Services PMI climbed to 55.2 in September 2026
FMPMonthlyReleased October 2026
India HSBC Services PMI climbed to 55.2 in September 2026, released October 2026, up 1.1 from August's 54.1 reading. The reading matched the 56.2 consensus. Year-over-year, the indicator is down 5.7. Over the past 3 months, HSBC Services PMI averaged 54.16, vs 58.54 in the prior 3-month window. The reading is in the 12th percentile of the trailing 24-month range.
Latest Release
55.2
Actual
56.2
Consensus
54.1
Previous
Median Absolute Error
±0.77
across last 12 releases
Last Call
Oct 2026
Predicted: 55.63
Actual: 55.2
Error: +0.43
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 |
|---|---|---|---|---|---|
| Nikkei 225 | ▲ Direct | +0.56 | INDEX | Moves with | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
HSBC Services PMI (India) was reported at 55.20 in October 2026. This missed the market consensus of 56.20 by 1.00. The reading rose from the previous value of 54.10. Trailing 12-month context per ETL data through October 2026. Over the past 12 months, the indicator has averaged 57.16, ranging from 53.10 to 59.80 across 18 releases.
WHY IT MATTERS
The trailing three releases averaged 55.03, up from the prior three at 53.63. Volatility over the past year (σ 2.17) is comparable than the prior year (σ 2.11). In October readings over the past 3 years, HSBC Services PMI has averaged 58.10.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with Nikkei 225 (Bullish Nikkei 225). Over the last 12 releases, the Sigmacast model's median absolute error is 0.77.
WHAT TO WATCH NEXT
The next release is scheduled for October 23, 2026. Same-country events in the next 14 days include MPC Meeting Minutes (Oct 21) and S&P Global Composite PMI (Oct 23).
Auto-generated from current model state · Refreshes on each release · Last update October 2026.
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HSBC Services PMI - IN
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About HSBC Services PMI — India
DEFINITION
HSBC Services PMI is a leading economic indicator that measures the performance of the services sector in a country. It provides valuable insights into the health and growth of the services industry, which is a major contributor to a country's overall economic activity. The index is based on a monthly survey of purchasing managers in the services sector, and is widely used by businesses, investors, and policymakers to make informed decisions and forecasts. With its timely and accurate data, HSBC Services PMI is a crucial tool for monitoring and analyzing the state of the services sector and its impact on the 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 (Sep 2026): actual 55.2, consensus 56.2. Prior reading (Sep 2026): 55.8. Before that (Aug 2026): 54.1.
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 tailwind in the current projection. This indicator correlates most strongly with Nikkei 225 (Bullish Nikkei 225, r=0.56) — a useful reference for index-focused traders.
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Economic Calendar - IN Events
| Thursday, October 15, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 09:00 | IN | Balance of Trade | -30.21 | -26.86 | -29.5 | -29.86 | Medium |
| 09:00 | IN | Imports | 74.61 | 70.67 | 69 | 71.81 | Low |
| 09:00 | IN | Exports | 44.4 | 43.81 | 39.5 | 41.95 | Low |
| 10:30 | IN | Unemployment Rate | 5 | 5 | 5.2 | 5.10 | Low |
| Friday, October 16, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 11:30 | IN | Bank Loan Growth YoY | 18.1 | 13.3 | 13.30 | Low | |