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
10Y G-SEC-10.28%vs T-60 baseline
Cross-Asset Reaction Window
Surprise Analysis
Surprise DeviationHistorical volatility metric
-0.0σ

Actual Policyhike+40
ConsensusAdjust expected

Macroeconomic Assessment

Hawkish stance to anchor inflation expectations.

Cross-Asset Reaction Matrix
Asset ClassT−60T+30T+2HT+1D
Nifty 50NIFTY--2.29%-2.29%-2.26%
USD / INRUSDINR--0.07%-0.07%-0.68%
India VIXVIX-+7.89%+7.89%+0.05%
10Y G-SecGSEC--6.93%-6.93%-10.28%