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Mumbai, Sept. 4

Bond prices rallied by more than a rupee, following the Tarapore Committee report on full convertibility. The traded volume stood at Rs 11,895 crore on the order matching system. Dealers expect huge dollar inflows in the event of a full float. "There was heavy buying in the market .The Finance Minister's clarification that Participatory Notes would stay, helped in improving sentiment," said a dealer at a private bank. Market participants said positive factors such as the stability in US treasury yields and the slight drop in global crude prices meant investors would continue to buy. However, prices could fall on Tuesday due to some profit booking, they said. The 7.59 per cent-10 year-2016 paper opened at Rs 98.15 (7.87 per cent YTM) and ended at Rs 99.14 (7.71 per cent YTM), up from Friday's close of Rs 98.09 (7.88 per cent YTM). The 8.07 per cent-11 year-2017 paper opened at Rs 101.09 (7.91 per cent YTM) and closed at Rs 102.14 (7.76 per cent YTM), up by Rs 2 over Friday's Rs 100 (7.92 per cent YTM).

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