On 15th January, 2015(Thursday) Reserve Bank of India Governor Raghuram Rajan cut repo rate by 0.25 per cent with immediate effect. The announcement came at 8.45 a.m. just before markets opened. The reasons for choosing such a time just before market openig is ambigous. As a result Nifty opened at 8425(+147), rose up to 8527(+249) and closed at 8494(+216). Nifty futures high was 8564. As per NSE statistics reported in Business Line, retail investors were heavily short on Nifty futures with 6,37,191 contracts and this "cut" had felt like a stab from the back. What's Rajan's gain in this unprecedented move is unknown.