{
 "fy_labels": [
  "FY17",
  "FY18",
  "FY19",
  "FY20",
  "FY21",
  "FY22",
  "FY23",
  "FY24",
  "FY25",
  "FY26"
 ],
 "series": {
  "nifty500": {
   "FY17": 23.91,
   "FY18": 11.47,
   "FY19": 8.43,
   "FY20": -27.6,
   "FY21": 75.99,
   "FY22": 20.96,
   "FY23": -2.26,
   "FY24": 39.14,
   "FY25": 5.35,
   "FY26": -3.8
  },
  "gold_inr": {
   "FY17": -0.3,
   "FY18": 6.83,
   "FY19": 4.36,
   "FY20": 36.3,
   "FY21": 3.2,
   "FY22": 15.57,
   "FY23": 15.15,
   "FY24": 13.93,
   "FY25": 33.16,
   "FY26": 63.03
  },
  "silver_inr": {
   "FY17": 15.17,
   "FY18": -9.46,
   "FY19": -1.46,
   "FY20": 4.67,
   "FY21": 61.46,
   "FY22": 5.76,
   "FY23": 7.01,
   "FY24": 3.92,
   "FY25": 33.33,
   "FY26": 140.74
  },
  "crude_inr": {
   "FY17": 27.68,
   "FY18": 28.93,
   "FY19": -1.16,
   "FY20": -59.86,
   "FY21": 160.95,
   "FY22": 77.14,
   "FY23": -20.18,
   "FY24": 11.45,
   "FY25": -11.36,
   "FY26": 56.22
  },
  "usdinr": {
   "FY17": -2.11,
   "FY18": 0.4,
   "FY19": 6.22,
   "FY20": 9.01,
   "FY21": -2.98,
   "FY22": 3.73,
   "FY23": 8.33,
   "FY24": 1.4,
   "FY25": 2.51,
   "FY26": 9.83
  },
  "brent": {
   "FY17": 42.04,
   "FY18": 32.22,
   "FY19": -1.58,
   "FY20": -78.14,
   "FY21": 327.74,
   "FY22": 68.91,
   "FY23": -26.19,
   "FY24": 8.81,
   "FY25": -10.37,
   "FY26": 64.04
  },
  "y10_chg_bp": {
   "FY17": -32.0,
   "FY18": 44.0,
   "FY19": -13.0,
   "FY20": -72.0,
   "FY21": -41.0,
   "FY22": 54.0,
   "FY23": 25.0,
   "FY24": -11.0,
   "FY25": -47.0,
   "FY26": 38.0
  },
  "repo_chg_bp": {
   "FY17": -50.0,
   "FY18": -25.0,
   "FY19": 25.0,
   "FY20": -185.0,
   "FY21": -40.0,
   "FY22": 0.0,
   "FY23": 250.0,
   "FY24": 0.0,
   "FY25": -25.0,
   "FY26": -100.0
  },
  "repo_end": {
   "FY17": 6.25,
   "FY18": 6.0,
   "FY19": 6.25,
   "FY20": 4.4,
   "FY21": 4.0,
   "FY22": 4.0,
   "FY23": 6.5,
   "FY24": 6.5,
   "FY25": 6.25,
   "FY26": 5.25
  },
  "y10_end": {
   "FY17": 7.12,
   "FY18": 7.61,
   "FY19": 7.41,
   "FY20": 6.7,
   "FY21": 6.35,
   "FY22": 6.82,
   "FY23": 7.36,
   "FY24": 7.07,
   "FY25": 6.68,
   "FY26": 6.84
  }
 },
 "risk": {
  "FY17": {
   "nifty500": 23.9,
   "gold": -0.3,
   "silver": 15.2,
   "eq_minus_gold": 24.2,
   "regime": "RISK-ON"
  },
  "FY18": {
   "nifty500": 11.5,
   "gold": 6.8,
   "silver": -9.5,
   "eq_minus_gold": 4.6,
   "regime": "RISK-ON"
  },
  "FY19": {
   "nifty500": 8.4,
   "gold": 4.4,
   "silver": -1.5,
   "eq_minus_gold": 4.1,
   "regime": "RISK-ON"
  },
  "FY20": {
   "nifty500": -27.6,
   "gold": 36.3,
   "silver": 4.7,
   "eq_minus_gold": -63.9,
   "regime": "RISK-OFF"
  },
  "FY21": {
   "nifty500": 76.0,
   "gold": 3.2,
   "silver": 61.5,
   "eq_minus_gold": 72.8,
   "regime": "RISK-ON"
  },
  "FY22": {
   "nifty500": 21.0,
   "gold": 15.6,
   "silver": 5.8,
   "eq_minus_gold": 5.4,
   "regime": "RISK-ON"
  },
  "FY23": {
   "nifty500": -2.3,
   "gold": 15.2,
   "silver": 7.0,
   "eq_minus_gold": -17.4,
   "regime": "RISK-OFF"
  },
  "FY24": {
   "nifty500": 39.1,
   "gold": 13.9,
   "silver": 3.9,
   "eq_minus_gold": 25.2,
   "regime": "RISK-ON"
  },
  "FY25": {
   "nifty500": 5.4,
   "gold": 33.2,
   "silver": 33.3,
   "eq_minus_gold": -27.8,
   "regime": "RISK-OFF"
  },
  "FY26": {
   "nifty500": -3.8,
   "gold": 63.0,
   "silver": 140.7,
   "eq_minus_gold": -66.8,
   "regime": "RISK-OFF"
  }
 },
 "rate_corr": {
  "Consumer Durables": {
   "corr_repo": -0.081,
   "corr_y10": -0.345
  },
  "Textiles": {
   "corr_repo": -0.077,
   "corr_y10": -0.149
  },
  "Chemicals": {
   "corr_repo": -0.07,
   "corr_y10": -0.134
  },
  "Healthcare": {
   "corr_repo": -0.064,
   "corr_y10": -0.289
  },
  "Metals & Mining": {
   "corr_repo": -0.046,
   "corr_y10": -0.071
  },
  "Information Technology": {
   "corr_repo": -0.018,
   "corr_y10": -0.056
  },
  "Diversified": {
   "corr_repo": 0.0,
   "corr_y10": -0.1
  },
  "Services": {
   "corr_repo": 0.001,
   "corr_y10": -0.188
  },
  "Realty": {
   "corr_repo": 0.053,
   "corr_y10": 0.012
  },
  "Media Entertainment & Publication": {
   "corr_repo": 0.06,
   "corr_y10": 0.186
  },
  "Telecommunication": {
   "corr_repo": 0.064,
   "corr_y10": -0.089
  },
  "Construction Materials": {
   "corr_repo": 0.086,
   "corr_y10": -0.253
  },
  "Consumer Services": {
   "corr_repo": 0.108,
   "corr_y10": 0.202
  },
  "Power": {
   "corr_repo": 0.117,
   "corr_y10": 0.08
  },
  "Financial Services": {
   "corr_repo": 0.167,
   "corr_y10": -0.096
  },
  "Automobile and Auto Components": {
   "corr_repo": 0.177,
   "corr_y10": 0.029
  },
  "Oil Gas & Consumable Fuels": {
   "corr_repo": 0.191,
   "corr_y10": 0.037
  },
  "Fast Moving Consumer Goods": {
   "corr_repo": 0.228,
   "corr_y10": 0.048
  },
  "Construction": {
   "corr_repo": 0.267,
   "corr_y10": -0.043
  },
  "Capital Goods": {
   "corr_repo": 0.354,
   "corr_y10": 0.154
  }
 },
 "crude_usd_corr": {
  "Automobile and Auto Components": {
   "abs_crude": 0.757,
   "exc_crude": 0.361,
   "abs_usd": -0.739,
   "exc_usd": -0.345
  },
  "Capital Goods": {
   "abs_crude": 0.615,
   "exc_crude": 0.25,
   "abs_usd": -0.637,
   "exc_usd": -0.303
  },
  "Chemicals": {
   "abs_crude": 0.784,
   "exc_crude": 0.195,
   "abs_usd": -0.877,
   "exc_usd": -0.417
  },
  "Construction": {
   "abs_crude": 0.477,
   "exc_crude": 0.111,
   "abs_usd": -0.641,
   "exc_usd": -0.371
  },
  "Construction Materials": {
   "abs_crude": 0.764,
   "exc_crude": 0.245,
   "abs_usd": -0.766,
   "exc_usd": -0.28
  },
  "Consumer Durables": {
   "abs_crude": 0.728,
   "exc_crude": 0.102,
   "abs_usd": -0.858,
   "exc_usd": -0.45
  },
  "Consumer Services": {
   "abs_crude": 0.635,
   "exc_crude": 0.024,
   "abs_usd": -0.694,
   "exc_usd": -0.147
  },
  "Diversified": {
   "abs_crude": 0.693,
   "exc_crude": 0.214,
   "abs_usd": -0.861,
   "exc_usd": -0.547
  },
  "Fast Moving Consumer Goods": {
   "abs_crude": 0.619,
   "exc_crude": -0.831,
   "abs_usd": -0.892,
   "exc_usd": 0.457
  },
  "Financial Services": {
   "abs_crude": 0.705,
   "exc_crude": 0.234,
   "abs_usd": -0.779,
   "exc_usd": -0.461
  },
  "Healthcare": {
   "abs_crude": 0.574,
   "exc_crude": -0.393,
   "abs_usd": -0.617,
   "exc_usd": 0.285
  },
  "Information Technology": {
   "abs_crude": 0.823,
   "exc_crude": 0.746,
   "abs_usd": -0.688,
   "exc_usd": -0.539
  },
  "Media Entertainment & Publication": {
   "abs_crude": 0.789,
   "exc_crude": 0.397,
   "abs_usd": -0.801,
   "exc_usd": -0.434
  },
  "Metals & Mining": {
   "abs_crude": 0.894,
   "exc_crude": 0.897,
   "abs_usd": -0.75,
   "exc_usd": -0.693
  },
  "Oil Gas & Consumable Fuels": {
   "abs_crude": 0.471,
   "exc_crude": -0.28,
   "abs_usd": -0.664,
   "exc_usd": -0.046
  },
  "Power": {
   "abs_crude": 0.649,
   "exc_crude": 0.357,
   "abs_usd": -0.606,
   "exc_usd": -0.299
  },
  "Realty": {
   "abs_crude": 0.553,
   "exc_crude": 0.256,
   "abs_usd": -0.709,
   "exc_usd": -0.511
  },
  "Services": {
   "abs_crude": 0.776,
   "exc_crude": 0.691,
   "abs_usd": -0.689,
   "exc_usd": -0.557
  },
  "Telecommunication": {
   "abs_crude": 0.835,
   "exc_crude": 0.793,
   "abs_usd": -0.651,
   "exc_usd": -0.507
  },
  "Textiles": {
   "abs_crude": 0.886,
   "exc_crude": 0.872,
   "abs_usd": -0.726,
   "exc_usd": -0.64
  }
 },
 "cumulative_100": {
  "nifty500": {
   "FY17": 123.9,
   "FY18": 138.1,
   "FY19": 149.8,
   "FY20": 108.4,
   "FY21": 190.8,
   "FY22": 230.8,
   "FY23": 225.6,
   "FY24": 313.9,
   "FY25": 330.7,
   "FY26": 318.2
  },
  "gold_inr": {
   "FY17": 99.7,
   "FY18": 106.5,
   "FY19": 111.2,
   "FY20": 151.5,
   "FY21": 156.4,
   "FY22": 180.7,
   "FY23": 208.1,
   "FY24": 237.1,
   "FY25": 315.7,
   "FY26": 514.6
  },
  "silver_inr": {
   "FY17": 115.2,
   "FY18": 104.3,
   "FY19": 102.7,
   "FY20": 107.5,
   "FY21": 173.6,
   "FY22": 183.6,
   "FY23": 196.5,
   "FY24": 204.2,
   "FY25": 272.3,
   "FY26": 655.5
  }
 },
 "significance_note": {
  "n_years": 10,
  "critical_r_p05": 0.632,
  "max_abs_rate_corr": 0.354,
  "statement": "With 10 annual observations a correlation needs |r| > 0.63 to be significant at 5%. Every rate correlation in this study is below that, so none is statistically distinguishable from zero."
 }
}