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Our Bureau

Mumbai, May 23

In the bond market on Tuesday, prices moved in the 8-12 paise band. Dealers said that the market was dull and volumes low. The cut-off price of the Rs 5,000-crore Government securities auction was in line with expectations."The outlook for the bond market is bleak with the hardening oil prices and US interest rates as well as an imminent hike in Indian interest rates in the quarterly review of the Credit Policy. The yield of the 10-year benchmark paper is likely to rise to 7.60 per cent by September," said a dealer at a private bank. The 7.59 per cent 10-year 2016 paper opened at Rs 99.95 (7.59 per cent YTM) and closed at Rs 99.91 (7.6 per cent YTM), lower than Monday's Rs 99.97 (7.60 per cent YTM). The 7.40 per cent six-year 2012 paper opened at Rs 100.50 (7.28 per cent YTM) and ended at Rs 100.63 (7.26 per cent YTM).

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