新华财经北京12月5日电印度央行周五(5日)将政策利率下调25BPs至5.25%，与预测相符。这是印度央行今年第四次降息，继2月份开始的 三次降息后，印度央行2025年的累计降息幅度达到125BPs。 印度金融市场对如期降息迅速做出了反应。周五上午，在印度央行宣布降息之前，卢比兑美元开盘短暂走强，接近89.85卢比。在降息的 新闻出现后，卢比兑美元回落至90卢比以上。 债券市场方面，10年期印债收益率在消息发布前徘徊在6.5%附近，交易员们密切关注通胀预测和任何公开市场操作。降息宣布后，加上 1万亿卢比的公开市场买债消息，市场对印度政府债券普遍看涨，10年期印债收益率小幅回落至6.49%。分析师预计随着印度央行在12月 开始购买债券后，收益率将会进一步下降。目前2年期与10年期印债收益率利差为79.6BPs。 据标准普尔2025年8月14日的最新评级，印度的信用评级为BBB。5年期印度信用违约掉期的当前报价为87.67BPs。相应的，隐含违约概 率为1.46%。 印度股市认为这一决定是积极的，尤其是对利率敏感的行业。在货币政策委员会做出决定后，印度房地产、汽车和金融类股表现优异， Nifty Realty指数 ...

Group 1: Tariff Impact - The U.S. has announced an additional 25% tariff on imports from India, raising the total tariff rate to 50%, making India one of the countries with the highest tariffs imposed by the U.S. [1] - Analysts predict that the Indian stock market will face adjustment pressure, particularly in sectors such as oil, pharmaceuticals, textiles, footwear, and jewelry, which are expected to be the most affected [1][4] Group 2: Market Reaction - The Indian benchmark SENSEX index opened lower but quickly rebounded, stabilizing with a decline of about 0.2%, while the Nifty 50 index also showed a similar pattern [3] - Market participants believe the initial muted response may be due to expectations that India has sufficient time for negotiations, with some analysts suggesting the tariff increase may be more symbolic than substantive [3][4] Group 3: Long-term Outlook - If the trade relationship with the U.S. deteriorates, especially amid slowing economic growth, investors may adopt a cautious long-term outlook on the Indian stock market [4] - Foreign investors sold $2 billion worth of Indian stocks in July and an additional $900 million in August, indicating a trend of withdrawal from the Indian market [4] Group 4: Sector-Specific Impacts - Approximately 20% of India's export goods (accounting for 2% of GDP) are directed towards the U.S., with sectors like gems and jewelry, apparel, footwear, textiles, and chemicals being the most vulnerable [6] - The pharmaceutical sector, despite being perceived as resilient, has seen significant declines, with the NSE Nifty pharmaceutical index breaking key technical support levels [7]