Business Daily from THE HINDU group of publications
Saturday, Dec 08, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Dec 08, 2007 ePaper | Mobile/PDA Version |
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Money & Banking
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Govt Bonds Bond rally limited Mumbai, Dec. 7 The bond market was volatile on Friday, as there was profit-taking at all levels. Prices opened 5-10 paise higher, but came down on fears of government securities auction of Rs 7,000 crore. According to a bond dealer with a private bank, the rally in bond prices was limited because the 10-year paper was range-bound. “Though liquidity was comfortable today, people were wary of taking positions due to the scheduled auction. However, there is also hope that a part of the auction may be cancelled as it is coinciding with the advance tax outflow,” he said. The momentum in the bond market is slightly bullish because of expectations that the US Federal Reserve may cut interest rates in its meeting on December 11, which may lead to softening of rates in India, the dealer added.The 8.33 per cent-29-year -2036 paper opened at Rs 100.8 (8.26 per cent YTM), touched a high of Rs 100.98 (8.24 per cent YTM) and a low of Rs 100.63 (8.27 per cent YTM). It finally closed at Rs 100.81 (8.26 per cent YTM), 16 paise higher than yesterday’s close of Rs 100.65 (8.27 per cent YTM).The 7.99 per cent – 10-year paper opened at Rs 100.78 (7.87 per cent YTM) and closed at Rs 100.78 (7.87 per cent YTM) against the previous close of Rs 100.76 (7.87 per cent YTM). — Our Bureau More Stories on : Govt Bonds
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