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Our Bureau

Mumbai, Aug. 18

Bond prices were volatile but ended lower on Friday due to profit-booking. The volume was high at Rs 5,990 crore on the order-matching system.

Dealers said a correction was expected since the prices had rallied in the lead-up to the Rs 8,000-crore auction held on Friday.

The 10-year yield broke the psychological level of 8 per cent and touched a low of 7.97 per cent earlier in the day. Prices, however, fell by around 25 paise after the cut-off price for the auction was declared, when traders began selling and booking profits.

The cut-off price for the auction was in line with market expectations, dealers said. The 7.59 per cent-10-year-2016 paper opened at Rs 97.10 (8.02 per cent YTM) and touched a high of Rs 97.45 (7.97 per cent YTM). It then dropped to close at Rs 97.06 (8.03 per cent YTM), lower than Thursday's close of Rs 97.15 (8.02 per cent YTM). The 9.39 per cent-5 year-2011 paper opened at Rs 107.02 (7.63 per cent YTM) and closed at Rs 106.90 (7.66 per cent YTM), down from Rs 107.11 (7.63 per cent YTM) on Thursday.

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