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Our Bureau

Mumbai, May 29

The bond market was weak with prices falling by 20-22 paise on Monday, as there was no fresh buying. Dealers cited fears of a likely fuel price hike, liquidity concerns due to the impending advance tax outflow, and auction expectations as reasons for the dullness in the market. The 7.59 per cent 2016 10-year benchmark paper opened at Rs 99.85 (7.6 per cent YTM) and closed at Rs 99.59. Yields on this paper moved up to 7.65 per cent from the previous yield of 7.61 per cent. "After holding at 7.60-7.61 per cent levels whole of last week, the yields on the benchmark paper rose today," said a dealer with a private bank. The 7.94 per cent 2021 15-year paper opened at Rs 99.95 (7.95 per cent YTM) and closed at Rs 99.65 (7.98 per cent YTM). "It is unlikely that primary dealers would have gained much out of the 15-year paper, as it is still trading below par. The general view is that interest rates are inching up and a rate hike is likely in the RBI's monetary policy in July," the dealer said.

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