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Timeline
MPCAPR 04, 2019

Rate Cut (-25 bps)

First bi-monthly 2019-20

NIFTY 50+0.19%vs T-60 baseline
USD / INR+0.09%vs T-60 baseline
INDIA VIX-2.08%vs T-60 baseline
Gilt Fund (10Y proxy)-0.13%vs T-60 baseline
Cross-Asset Reaction Window

The 10-year sovereign is shown as a gilt-fund proxy, whose value moves inversely to yields. Older events use daily closes, so the intraday windows then coincide with the daily close.

Surprise Analysis
Surprise DeviationPolicy decision — no numeric surprise

Actual Policycut-25
ConsensusAdjust expected

Macroeconomic Assessment

Dovish shift to stimulate economic activity.

Source: RBI Press Release
Cross-Asset Reaction MatrixExport CSV
Asset ClassT−60T+30T+2HT+1D
Nifty 50NIFTY · 1d--0.39%-0.39%+0.19%
USD / INRUSDINR · 1d--0.09%-0.09%+0.09%
India VIXVIX · 1d--0.69%-0.69%-2.08%
Gilt Fund (10Y proxy)GSEC · 1d--0.13%-0.13%-0.13%