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Mumbai, July 9

Bond prices rose over 50 paise as the system was awash with surplus cash, despite a government auction. Total traded volumes on the order matching system were Rs 14,220 crore (Rs 7,330 crore). Dealers said that prices opened higher and the sentiment remained bullish during the day. There was some selling pressure towards close, said traders. Market participants estimate excess cash of around Rs 35,000 crore-Rs 40,000 crore in the system. “Despite the outflow of Rs 10 ,000 crore due to the government securities auction on Friday there is excess cash in the system. Besides, the RBI has not announced any liquidity sterilisation measures like Market Stabilisation Scheme auctions for this week,” said a dealer at a private bank. The 7.49 per cent-10 year-2017 paper opened at Rs 96.96 (7.94 per cent YTM) and ended at Rs 97.07 (7.92 per cent YTM), against the previous close at Rs 96.52 (8.007 per cent YTM). The 8.33 per cent-29 year-2036 paper opened at Rs 99.50 (8.37 per cent YTM) and closed at Rs 99.60 (8.36 per cent YTM), against the previous close at Rs 99 (8.42 per cent YTM). —

Our Bureau

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