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Our Bureau

Mumbai, March 7

Bonds opened higher by 40 paise on Tuesday reacting to the announcement that RBI would purchase the 7.40 per cent government stock 2035 for a notified amount of Rs 10,000 crore on a `private placement basis'.A dealer at a private bank said that the infusion of Rs 10,000 crore in the system and the announcement that there will not be any further government borrowing for the rest of the fiscal caused the bond market to open on a firm note. However, the hardening of US yields to a four-year high of 4.75 per cent pulled down bond prices by around 5 paise. The 8.07 per cent-11 year-2017 paper opened at Rs 104.75 (7.42 per cent YTM) and closed at Rs 104.71 (7.43 per cent YTM), up from Monday's Rs 104.32 (7.48 per cent YTM). The 9.39 per cent-5 year-2011 paper opened at Rs 109.60 (7.18 per cent YTM) and ended at Rs 109.34 (7.24 per cent YTM), higher than Monday's Rs 109.15 (7.28 per cent YTM).

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