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Our Bureau

Mumbai, July 14

In the bond market, prices initially fell on account of the surge in global oil prices. But they recovered to end 5 paise below Thursday's close. Dealers said that the bond market retraced its losses due to buying support. "Nationalised banks could have been buying in the bond market, which helped in propping up prices," said a bond dealer.

Market participants expect the market to turn volatile in the run-up to quarterly review of the credit policy. "The ten year yields could harden beyond 8.40 per cent. But the market will take a fresh course only after the review of the monetary policy," said a dealer. The 7.59 per cent, 10-year, 2016-benchmark paper opened at Rs 94.82 (8.37 per cent YTM), down from Thursday's close at Rs 95.05 (8.34 per cent YTM). It finally closed at 95.05 (8.34 per cent YTM).

The 7.37 per cent, 8-year, 2014-paper opened at Rs 95 (8.25 per cent ) and closed at Rs 95.17 (8.22 per cent YTM), lower than the previous close at Rs 95.23 (8.21 per cent YTM).

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