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
10Y G-SEC+2.23%vs T-60 baseline
Cross-Asset Reaction Window
Surprise Analysis
Surprise DeviationHistorical volatility metric
-0.0σ

Actual Policycut-75
ConsensusAdjust expected

Macroeconomic Assessment

Dovish shift to stimulate economic activity.

Cross-Asset Reaction Matrix
Asset ClassT−60T+30T+2HT+1D
Nifty 50NIFTY-+0.22%+0.22%-4.17%
USD / INRUSDINR--1.48%-1.48%-0.50%
India VIXVIX--1.59%-1.59%+0.50%
10Y G-SecGSEC-+2.09%+2.09%+2.23%