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Timeline
MPCMAR 27, 2020

Rate Cut (-75 bps)

Off-cycle emergency cut; COVID-19 response

NIFTY 50-4.17%vs T-60 baseline
USD / INR-0.50%vs T-60 baseline
INDIA VIX+0.50%vs T-60 baseline
Gilt Fund (10Y proxy)-112.38%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-75
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-+0.22%+0.22%-4.17%
USD / INRUSDINR · 1d--1.48%-1.48%-0.50%
India VIXVIX · 1d--1.59%-1.59%+0.50%
Gilt Fund (10Y proxy)GSEC · 1d--44.76%-44.76%-112.38%