BSE Sensex指数周二收于75901点，上涨约0.7%，结束了前两个交易日的下跌，并从前一天七个多月来的最低水平回落。印度储备银行宣布一系列措施以增加金融体系的流动性后，银行业和利率敏感型股票的强劲买入推动了复苏。涨幅最大的公司包括Bajaj Finance、Axis Bank、Bajaj Finserv、HDFC Bank和塔塔汽车。与此同时，Sun Pharma、L&T、NTPC、PowerGrid和ITC在会议中落后。由于对持续的外资外流的担忧以及第三季度盈利业绩不佳，进一步的涨幅受到限制。与此同时，投资者将注意力转向了美联储周三即将做出的决定。

The BSE Sensex closed about 0.7% up at 75,901 on Tuesday, halting losses in the previous two sessions and moving away from their lowest level in over seven months the day before. The recovery was driven by strong buying in banking and rate-sensitive stocks after the Reserve Bank of India’s announced a slew of measures to boost liquidity into the financial system. Top gainers included Bajaj Finance, Axis Bank, Bajaj Finserv, HDFC Bank, and Tata Motors. Meanwhile, Sun Pharma, L&T, NTPC, PowerGrid, and ITC stood among the laggards for the session. Further gains were limited by concerns over persistent foreign capital outflows, alongside lackluster Q3 earnings results. Meanwhile, investors turned their attention to the upcoming Federal Reserve's decision on Wednesday.

在孟买，孟买敏感指数周二上涨610点，涨幅0.81%。领涨的是Bajaj Finance（4.26%）、Axis Bank（3.77%）和Bajaj Finserv（3.35%）。跌幅最大的是Sun Pharmaceuticals（-4.55%）、Wipro（-1.41%）和Dr.Reddys Laboratories（-1.37%）。

In Mumbai, the SENSEX Index rose 610 points or 0.81 percent on Tuesday. Leading the gains are Bajaj Finance (4.26%), Axis Bank (3.77%) and Bajaj Finserv (3.35%). Top losers were Sun Pharmaceuticals (-4.55%), Wipro (-1.41%) and Dr.Reddys Laboratories (-1.37%).

在印度储备银行通过购买一系列政府债券向金融体系注入流动性后，10年期G-Sec的收益率在1月份降至6.7%，为近四年来的最低水平。由于印度储备银行出售外汇，耗尽了经济中主要银行的储备，导致流动性紧张，迫使央行进行了一系列现金注入、长期债券购买和外汇储备枯竭。支持流动性条件的举措提高了人们的共识，即印度储备银行将于本季度开始其降息周期，预计本月或下个月将首次降息。缓解金融状况的举措加大了人们对央行将在2月会议前开始降息周期的押注，结束了两年6.5%的基准利率。

The yield on the 10-year G-Sec fell to the 6.7% mark in January, the lowest in nearly four years, after the RBI injected liquidity into the financial system by purchasing a series of government bonds. Tight liquidity conditions stemmed by the RBI’s foreign exchange selling drained reserves from key banks in the economy, driving the central bank to a series of cash injections, longer-dated bond purchases, and depletion of its foreign exchange reserves. The moves to support liquidity conditions raised the consensus that the RBI is due to commence its cutting cycle this quarter, with expectations divided between a first rate cut this month or the next. The moves to ease financial conditions ramped up bets that the central bank is due to commence its rate cutting cycle by its February meeting, ending the two-year period of a 6.5% benchmark rate.

印度卢比兑美元汇率跌破86.4，接近本月以来的历史低点86.7，原因是印度储备银行的卢比供应增加，以及预期的降息预期。流动性紧张的情况源于印度储备银行对外汇市场的积极干预，以保护主要贷款人耗尽的卢比银行储备，迫使央行进行一系列现金注入、长期债券购买和外汇储备枯竭。支持流动性条件的举措提高了人们的共识，即印度储备银行将于本季度开始其削减周期，对即将举行的两次会议的预期存在分歧。在有证据表明印度经济增长急剧放缓后，呼吁放宽政策的呼声推翻了之前的共识，即印度将跑赢主要新兴经济体，促使投资者关闭印度资本市场的头寸，转向竞争性的亚洲资产。

The Indian rupee weakened past 86.4 per USD, approaching the record low of 86.7 from this month amid higher supply of rupees by the RBI, and the resulting expectations of anticipated rate cuts. Tight liquidity conditions stemmed by the RBI’s aggressive interventions on the foreign exchange market to defend the rupee drained bank reserves from key lenders, driving the central bank to a series of cash injections, longer-dated bond purchases, and depletion of its foreign exchange reserves. The moves to support liquidity conditions raised the consensus that the RBI is due to commence its cutting cycle this quarter, with expectations divided between the two upcoming meetings. Calls for looser policy followed evidence of a sharp slowdown to India’s economic growth reversed the previous consensus that it would outperform major emerging economies, driving investors to close positions on Indian capital markets and pivot to competing Asian assets.