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Our Bureau

Mumbai, July 10

The bond market was weak ahead of the government securities auction scheduled on Tuesday and in anticipation of a rate hike by the central Bank in the monetary policy. Volumes in the bond market were about Rs 450-500 crore on the order matching system, said dealers. Although the amount of the government securities auction was reduced from Rs 10,000 crore to Rs 7,000 crore, it was not exciting enough, said a dealer with a private bank.

Even the lower inflation on Friday was due to high base effect, and inflation is likely to move upwards, the dealer said. The cut-off yield for auction tomorrow is likely to be 8.30-8.35. The yield on the 7.59 per cent 2016 10-year benchmark fell to 8.28 per cent or Rs 95.4 at close against the previous close of Rs 95.88 (8.21 per cent YTM). It had opened at Rs 95.7 (8.23 per cent YTM). The 9.39 per cent five-year paper 2011 paper opened Rs 106.68 (7.80 per cent YTM) and closed at Rs 106.44 (7.80 per cent YTM). The yield touched a low of 7.81 per cent during day trade.

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