Business Daily from THE HINDU group of publications
Saturday, Jun 24, 2006
Business Daily from THE HINDU group of publications Saturday, Jun 24, 2006 |
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Money & Banking
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Debt Market 10-year yields cross 8.2 pc Our Bureau
Inflation released on Friday was at 5.24 per cent, higher than the expected figure of 5.03 per cent and above the previous week's 4.72 per cent. Bond prices fell during the first half of the session, but recovered later due to value buying, said dealers. "The stop-loss that was triggered in the post-lunch session saw the market recoup about 60 to 70 in intra-day trade," said a dealer with a private bank. The 7.59 per cent-10 year-2016 benchmark paper opened at Rs 96.75 (8.07 per cent YTM) and ended at Rs 96.60 (8.10 per cent YTM) against Thursday's close of Rs 97.2 (8 per cent YTM). It had touched a low of Rs 95.95 (8.20 per cent YTM) mid-session on Friday. The 9.39 per cent-5 year-2011 paper opened at Rs 107.3 (7.61 per cent YTM) and touched a low of Rs 106.6 (7.77 per cent YTM), before ending trade at 107.09 (7.66 per cent YTM), against Thursday's close of Rs 107.61 (7.54 per cent YTM). "The market was nervous also because the US yields rose from 5.15 per cent to 5.2 per cent. Domestically, the drastic fall in the yields of the benchmark paper caught the market unawares. Next week, the paper could be in the range of 8.05-8.15 per cent yields," said a bond dealer.
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