This study examines how the Reserve Bank of India's (RBI) monetary policy communications influence the Indian financial market over the period from April 2014 to June 2024. The research integrates advanced Natural Language Processing (NLP) techniques with financial econometrics to analyze Monetary Policy Statements and RBI press conference transcripts. BERTopic is employed to identify major economic themes within RBI communications, while a fine-tuned RoBERTa model classifies sentiment into hawkish, dovish, and neutral categories. The study further estimates the dynamic effects of topic-specific sentiment on financial markets using Local Projection models. The findings reveal that market reactions vary significantly depending on both the subject and tone of RBI communications. Dovish sentiment associated with interest rate policy and economic growth generally corresponds with declines in equity markets, suggesting that investors often interpret accommodative language as a signal of economic weakness rather than policy support. Conversely, dovish communication regarding foreign exchange reserve management positively influences market performance. The research demonstrates that combining topic modeling with sentiment analysis provides a more comprehensive understanding of central bank communication strategies and their financial implications. These results contribute to the literature on monetary policy communication in emerging economies and offer practical insights for policymakers seeking more effective communication as well as investors interpreting policy signals.