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Mumbai, May 29

The bond market was volatile on worries of high oil price. Bond prices opened 15 paise lower than the previous low and then slipped down further during the day. According to dealers, statements that the Government may use a combination of measures such as price hike, excise duty cut and oil bonds would be used to tackle the high oil price, saw selling in bonds. Total traded volumes on the order matching system were Rs 3,350 crore.

The benchmark 8.24 per cent 10-year 2018 paper opened at Rs 101.1 (8.07 per cent) and touched the day’s low of Rs 100.81 (8.12 per cent YTM). It closed at Rs 100.94 (8.10 per cent YTM), against the previous close of Rs 101.23 (8.05 per cent YTM). The 8.33 per cent 28-year 2036 paper opened at and closed at the same level of Rs 98.79 (8.44 per cent YTM). “The undertone of the market is bearish. The triggers are oil prices and worries on liquidity, which is expected to tighten further,” said a bond dealer with a private bank.

— Our Bureau

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