The Hindu Business Line : Bond market subdued

The bond market was subdued and yields moved in the narrow range of 7.47 and 7.49 per cent, in intra-day trade. But prices gained slightly as the cut-off yield of the 12.25 per cent-2010-government paper auction was on expected lines, said bond dealers. Total traded volumes on the order matching system were at Rs 10,320 crore (Rs 10,165 crore).

“The market was very subdued, apart from the bond auction, which was on expected lines,” said a bond dealer with a public sector bank. With inflation continuing to be above 4 per cent and money supply hovering at 23 per cent, an immediate interest rate cut seems unlikely, said the dealer. The 7.99 per cent-9 year-2017 paper opened at Rs 103.33 (7.49 per cent YTM) and closed at Rs 103.47 (7.47 per cent YTM), against the previous close Rs 103.35 (7.49 per cent YTM). The 8.33 per cent-28 year-2036 paper opened at Rs 105.82 (7.82 per cent YTM) and closed at Rs 106.3 per cent YTM (7.78 per cent YTM), against the previous close of Rs 105.39 (7.85 per cent YTM).

— Our Bureau

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