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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
IndiaIndia HSBC Services PMI climbed to 59.8 in May 2026
FMPMonthlyReleased June 2026
India HSBC Services PMI climbed to 59.8 in May 2026, released June 2026, up 1 from April's 58.8 reading. The reading matched the 59 consensus. HSBC Services PMI has now risen for 6 consecutive months. Over the past 3 months, HSBC Services PMI averaged 58.06, vs 58.42 in the prior 3-month window. HSBC Services PMI is now the highest in 7 months.
Latest Release
59.8
Actual
59
Consensus
58.8
Previous
Median Absolute Error
±0.77
across last 12 releases
Last Call
Jun 2026
Predicted: 58.98
Actual: 59.8
Error: -0.82
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 |
|---|---|---|---|---|---|
| Nikkei 225 | ▲ Direct | +0.43 | INDEX | Bullish Nikkei 225 | → 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 59.80 in June 2026. This beat the market consensus of 59.00 by 0.80. 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 59.86, ranging from 57.20 to 65.60 across 18 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. Volatility over the past year (σ 1.95) is higher than the prior year (σ 1.37). In June readings over the past 3 years, HSBC Services PMI has averaged 59.98.
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 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 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 (May 2026): actual 59.8, consensus 59. 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 Nikkei 225 (Bullish Nikkei 225, r=0.43) — a useful reference for index-focused traders.