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Timeline
MPCAUG 07, 2019

Rate Cut (-35 bps)

Third bi-monthly 2019-20; unconventional 35bps cut

NIFTY 50+0.77%vs T-60 baseline
USD / INR-0.50%vs T-60 baseline
INDIA VIX-0.19%vs T-60 baseline
Gilt Fund (10Y proxy)-1.25%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-35
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--0.85%-0.85%+0.77%
USD / INRUSDINR · 1d--0.41%-0.41%-0.50%
India VIXVIX · 1d-+3.85%+3.85%-0.19%
Gilt Fund (10Y proxy)GSEC · 1d--1.35%-1.35%-1.25%