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Mumbai, Jan. 7

Bond prices rallied following statements made by the Finance Minister, Mr P. Chidambaram, about a 50-basis point reduction in lending and deposit rates. “The surplus cash in the system has given a positive cue to the market,” said a dealer at a private bank. The prices went up by 29 paise and the yields fell by four basis points on Monday. The total traded volumes on the order matching system were at Rs 11,955 crore (Rs 7,005 crore). The 7.99 per cent-2017 pape r was not traded as it was an interest payment date for the paper. The 7.49 per cent-2017 paper opened at Rs 98.55 (7.71 per cent YTM) and closed at Rs 98.80 (7.67 per cent YTM), against the previous close of Rs 98.51 (7.71 per cent YTM). The 8.33 per cent-2036 paper opened at Rs 103.05 (8.05 per cent YTM) and closed at Rs 103.48 (8.02 per cent YTM), against the previous close of Rs 102.50 (8.10 per cent YTM).

— Our Bureau

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