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Timeline
MPCFEB 08, 2023

Rate Hike (+25 bps)

Sixth and final hike in cycle

NIFTY 50+0.97%vs T-60 baseline
USD / INR-0.12%vs T-60 baseline
INDIA VIX-7.71%vs T-60 baseline
Gilt Fund (10Y proxy)+0.94%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+25
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-+0.85%+0.85%+0.97%
USD / INRUSDINR · 1d--0.02%-0.02%-0.12%
India VIXVIX · 1d--3.75%-3.75%-7.71%
Gilt Fund (10Y proxy)GSEC · 1d-+0.33%+0.33%+0.94%