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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
IndiaIndia Services PMI climbed to 58.9 in February 2026
FMPMonthlyReleased March 2026
India Services PMI climbed to 58.9 in February 2026, released March 2026, up 0.5 from January's 58.4 reading. The reading matched the 59.3 consensus. Over the past 3 months, Services PMI averaged 58.6, vs 60.47 in the prior 3-month window. The reading is in the 21st percentile of the trailing 24-month range.
Latest Release
58.9
Actual
59.3
Consensus
58.4
Previous
Median Absolute Error
±0.99
across last 9 releases
Last Call
Mar 2026
Predicted: 58.75
Actual: 58.9
Error: -0.15
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
THE RELEASE
Services PMI (India) was reported at 58.90 in March 2026. This missed the market consensus of 59.30 by 0.40. The reading rose from the previous value of 58.40. Trailing 12-month context per ETL data through March 2026. Over the past 12 months, the indicator has averaged 60.40, ranging from 57.80 to 65.20 across 14 releases.
WHY IT MATTERS
The trailing three releases averaged 58.87, up from the prior three at 58.80.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with NIFTY 50 (Bullish NIFTY 50). Over the last 9 releases, the Sigmacast model's median absolute error is 0.99.
WHAT TO WATCH NEXT
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 March 2026.
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Services PMI - IN
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About Services PMI — India
DEFINITION
Services PMI (Purchasing Managers' Index) is a key economic indicator that measures the performance of the services sector in a country. It provides valuable insights into the health of the economy by tracking changes in business activity, new orders, employment, and prices. A high Services PMI indicates a growing services sector, while a low PMI suggests a contraction. This indicator is closely monitored by investors, policymakers, and businesses 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 2026): actual 58.9 %, consensus 59.3 %. Prior reading (Feb 2026): 59.3 %. Before that (Jan 2026): 58.4 %.
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.