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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
IndiaIndia Markit Services PMI climbed to 51.8 in February 2022
FMPMonthlyReleased March 2022
India Markit Services PMI climbed to 51.8 in February 2022, released March 2022, up 0.3 from January's 51.5 reading. The reading matched the 53 consensus. Year-over-year, the indicator is down 3.5. Over the past 3 months, Markit Services PMI averaged 53.5, vs 57.06 in the prior 3-month window. The reading is in the 42nd percentile of the trailing 24-month range.
Latest Release
51.8
Actual
53
Consensus
51.5
Previous
Median Absolute Error
±1.77
across last 12 releases
Last Call
Mar 2022
Predicted: 52.13
Actual: 51.8
Error: +0.33
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 | −0.50 | FOREX | Bullish INR | → View |
| XAU/USD | ▲ Direct | +0.35 | COMMODITIES | Watch | → View |
| EUR/USD | ▲ Direct | +0.30 | FOREX | Watch | → View |
| S&P 500 | ▲ Direct | +0.30 | INDEX | Watch | → View |
| BTC/USD | ▲ Direct | +0.30 | CRYPTO | Watch | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Markit Services PMI (India) was reported at 51.80 in March 2022. This missed the market consensus of 53.00 by 1.20. The reading rose from the previous value of 51.50.
WHY IT MATTERS
The trailing three releases averaged 52.93, down from the prior three at 57.23.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with USD/INR (Bullish INR). A secondary relationship exists with XAU/USD, positively correlated (Watch). Over the last 12 releases, the Sigmacast model's median absolute error is 1.78.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Industrial Production YoY (May 28) and Manufacturing Production YoY (May 28).
Auto-generated from current model state · Refreshes on each release · Last update March 2022.
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Markit Services PMI - IN
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About Markit Services PMI — India
DEFINITION
Markit Services PMI is a widely recognized financial indicator that measures the performance of the services sector in an economy. It provides valuable insights into the health and growth of the services industry by tracking changes in business activity, new orders, employment, and prices. This data is collected through surveys of purchasing managers in various service-based companies, making it a reliable and timely indicator of economic trends. Markit Services PMI is used by investors, businesses, and policymakers to make informed decisions and assess the overall economic outlook.
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. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Feb 2022): actual 51.8, consensus 53. Prior reading (Jan 2022): 51.5. Before that (Dec 2021): 55.5.
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 USD/INR (Bullish INR, r=-0.50) — a useful reference for forex-focused traders.