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Our Bureau

Mumbai, June 12

Sentiment in the bond market was bearish and traded volumes were low. Prices opened 10 paise lower than Friday's closing and there was little buying interest. Dealers said that the RBI Governor, Dr Y.V. Reddy's statements about global central banks watching inflation carefully was interpreted by traders as a sign of another rate hike in the July Credit Policy. The anticipation of the Rs 5,000-crore g-sec auction that is scheduled between June 16 and 24 also prevented traders were taking positions. "The ten year yields are likely to harden to 7.85/7.90 per cent in the next week," said a dealer at a private bank. The 9.39 per cent-5 year-2011 paper opened at Rs 108.13 (7.43 per cent YTM) and closed at Rs 108.10 (7.43 per cent YTM), lower than Friday's at Rs 108.16 (7.42 per cent YTM). The 7.59 per cent - 10 year-2016 benchmark paper opened at Rs 98.55 (7.80 per cent YTM) and closed at Rs 98.56 (7.80 per cent YTM), down from Friday's Rs 98.63 (7.79 per cent YTM).

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