NEW DELHI: Raghuram Rajan, the rockstar governor of the Reserve Bank of India ( RBI ), has hung up his boots, with deputy governor Urjit Patel taking over charge from him.Data shows even though banks have not transmitted the rate cuts fully and the former governor remained hawkish throughout his tenure, Dalal Street enjoyed his presence a bit with the Sensex giving 54 per cent returns since September 4, 2013, the day of his appointment as RBI chief.This translates into a 15.4 per cent compounded annual growth rate ( CAGR ) for the index during the period.This was better than the returns that the index had delivered during the tenure of Bimal Jalan D Subbarao and even C Rangarajan , but could not stand against those generated during the tenures of S Venkitaramanan and Dr YV Reddy “We have to acknowledge the contribution that Rajan has made to this country. I think the NPA problem would not have come down for how many years. I personally agree with his stand on monetary policy because mere interest rate reduction is not going to lead to anything unless it is transmitted. His legacy is going to remain and we must thank him for the good work he has done,” ace investor Rakesh Jhunjhunwala said last week.The best ever show by the index was during the tenure of Dr YV Reddy between 2003 and 2008, when it rose a whopping 231.5 per cent.During S Venkitaramanan’s comparatively shorter stint of two years as the eighteenth Governor of RBI between 1990 and 1992, the index delivered the second highest return at 145 per cent.The stock market generated 24 per cent return during Bimal Jalan’s tenure from November 22, 1997 to September 6, 2003, while it delivered 28.2 per cent during Subbarao’s tenure from September 5, 2008 to September 3, 2013. During C Rangarajan’s tenure during 1992-97, the index returned 37.5 per cent.Will the tenure of Urjit Patel, another hawk, prove good for Dalal Street? Many experts believe like Rajan, Patel may also find favour with foreign investors.“We had some question marks prior to the appointment of the new RBI Governor. But Patel, I think, is close to everybody, and is dream candidate of every foreign observer. He will certainly continue to be very independent and follow sound monetary policy. Under those circumstances, the Indian bond market is indeed very much a buy situation while Indian equities are pretty much in line with what is going on in emerging markets,” Uwe Parpart, Chief Investment Strategist at Capital Link International, told ETNow.Thomas Rookmaaker, Director, Asia-Pacific Sovereigns Group, Fitch Rating, believes Patel’s entry is hinting at the continuation of the current policy direction in the years ahead.“Patel was part of the team at RBI that set in motion significant policy changes to deal with both high inflation and weak bank balance sheets, including through a set of new policy framework. He seems well-positioned to further institutionalise these policy changes going ahead,” Rookmaaker said.“Structurally low inflation would positively impact the sovereign rating profile, as it would improve the investment climate and, hence, contribute to sustainable growth,” he said.