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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
IndiaIndia HSBC Services PMI fell to 53.1 in July 2026
FMPMonthlyReleased July 2026
India HSBC Services PMI fell to 53.1 in July 2026, down 4.3 from June's 57.4 reading. The reading missed the 59 consensus by 5.9. HSBC Services PMI has now declined for 3 consecutive months. Over the past 3 months, HSBC Services PMI averaged 58.7, vs 57.93 in the prior 3-month window. HSBC Services PMI is now the lowest in 23 months.
Latest Release
53.1
Actual
59
Consensus
57.4
Previous
Median Absolute Error
±0.77
across last 12 releases
Last Call
Jul 2026
Predicted: 58.9
Actual: 53.1
Error: +5.8
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 | +0.61 | INDEX | Moves with | → View |
| S&P 500 | ▲ Direct | +0.33 | 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 53.10 in July 2026. This missed the market consensus of 59.00 by 5.90. The reading fell from the previous value of 57.40. Trailing 12-month context per ETL data through July 2026. Over the past 12 months, the indicator has averaged 59.30, ranging from 53.10 to 65.60 across 18 releases. This is classified as a medium-impact indicator released on a monthly basis.
WHY IT MATTERS
The indicator has been trending downward over the last three releases. The trailing three releases averaged 56.73, down from the prior three at 58.07. Volatility over the past year (σ 2.52) is higher than the prior year (σ 1.33). In July readings over the past 3 years, HSBC Services PMI has averaged 58.63.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with Nikkei 225 (Bullish Nikkei 225). A secondary relationship exists with S&P 500, positively correlated (Bullish S&P 500). 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 August 21, 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 July 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 (Jul 2026): actual 53.1, consensus 59. Prior reading (Jun 2026): 57.3. Before that (May 2026): 59.8.
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 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 Nikkei 225 (Bullish Nikkei 225, r=0.61) — a useful reference for index-focused traders.
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EXPECTED ZONE
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