Skip to content
Timeline
MPCMAY 04, 2022

Rate Hike (+40 bps)

Off-cycle emergency hike; inflation surge

NIFTY 50-2.26%vs T-60 baseline
USD / INR-0.68%vs T-60 baseline
INDIA VIX+0.05%vs T-60 baseline
Gilt Fund (10Y proxy)-10.28%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 Policyhike+40
ConsensusAdjust expected

Macroeconomic Assessment

Hawkish stance to anchor inflation expectations.

Source: RBI Press Release
Cross-Asset Reaction MatrixExport CSV
Asset ClassT−60T+30T+2HT+1D
Nifty 50NIFTY · 1d--2.29%-2.29%-2.26%
USD / INRUSDINR · 1d--0.07%-0.07%-0.68%
India VIXVIX · 1d-+7.89%+7.89%+0.05%
Gilt Fund (10Y proxy)GSEC · 1d--6.93%-6.93%-10.28%