Nomura analysts say the RESERVE BANK OF INDIA unexpectedly moved its policy stance from "neutral" to "orderly tightening" to anchor inflation expectations and build a buffer against adverse global conditions. Nomura expects one more 25bp hike in December then a pause, contrasting with market expectations of a longer tightening cycle. The bank raised its 2026/27 fiscal-year GDP and inflation forecasts to 7.1% and 5.2%, and lifted its one‑year‑ahead inflation forecast to 5.6%.