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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
IndiaIndia HSBC Services PMI climbed to 54.1 in August 2026
FMPMonthlyReleased September 2026
India HSBC Services PMI climbed to 54.1 in August 2026, released September 2026, up 0.8 from July's 53.3 reading. The reading matched the 54.5 consensus. The print is running well below the 12-month average of 57.07. Over the past 3 months, HSBC Services PMI averaged 54.55, vs 58.35 in the prior 3-month window. The reading is in the 7th percentile of the trailing 24-month range.
Latest Release
54.1
Actual
54.5
Consensus
53.3
Previous
Median Absolute Error
±0.77
across last 12 releases
Last Call
Sep 2026
Predicted: 53.4
Actual: 54.1
Error: -0.7
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 54.10 in September 2026. This missed the market consensus of 54.50 by 0.40. The reading rose from the previous value of 53.30. Trailing 12-month context per ETL data through September 2026. Over the past 12 months, the indicator has averaged 57.79, ranging from 53.10 to 61.60 across 18 releases.
WHY IT MATTERS
The trailing three releases averaged 53.97, down from the prior three at 56.73. Volatility over the past year (σ 2.42) is higher than the prior year (σ 2.13). In September readings over the past 3 years, HSBC Services PMI has averaged 59.68.
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 September 23, 2026. Same-country events in the next 14 days include Balance of Trade (Sep 15) and HSBC Manufacturing PMI (Sep 23).
Auto-generated from current model state · Refreshes on each release · Last update September 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 (Aug 2026): actual 54.1, consensus 54.5. Prior reading (Aug 2026): 54.5. Before that (Jul 2026): 53.3.
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 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.
Σ
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Economic Calendar - IN Events
| Monday, September 14, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 06:30 | IN | WPI Manufacturing YoY | 8.37 | 8.29 | 8.5 | 9.11 | Low |
| 06:30 | IN | WPI Inflation YoY | 9.92 | 9.78 | 9.89 | 10.04 | Low |
| 06:30 | IN | WPI Food Index YoY | 7.05 | 6.65 | 6.7 | 7.38 | Low |
| 06:30 | IN | WPI Fuel YoY | 22.93 | 20.05 | 15 | 18.31 | Low |
| 10:30 | IN | Inflation Rate MoM | 0.73 | 0.88 | 0.6 | 0.67 | Low |
| 10:30 | IN | Inflation Rate YoY | 4.82 | 4.44 | 4.8 | 4.81 | Medium |
| Tuesday, September 15, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 09:00 | IN | Balance of Trade | -31.98 | -33 | -33.61 | Medium | |
| 10:30 | IN | Unemployment Rate | 5.1 | 5.2 | 5.30 | Low | |