“Expects the RBI to deliver rate hikes in October and December, with the Fed's latest move complicating policy calculus and bringing a third hike into play. The timing will depend on incoming inflation and external-sector dynamics, with the overall hiking cycle likely limited to 75 basis points. Liquidity normalization is expected to precede any tightening cycle.”

Axis Securities Analysis’s track record: 3 graded calls · 95% CI 21–94%