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Our Bureau

Mumbai, Sept 1

Bonds ruled range-bound ahead of the Rs 9,000-crore worth Government auction. Bond prices moved in a band of 20 paise, said dealers.

"Once the auction is over and depending on the advance tax outflow we will see movement in the market," said a dealer with a private bank. The RBI on Friday announced the auction of the 7.59 per cent G-Sec (10-year reissue) on September 8.

The market was expecting reissue of the 8.07 per cent, 11-year paper. "We had not anticipated this move. It is a good announcement. A sell-off in this paper is likely on Monday," said the dealer. On Friday the 7.59-10 year-2016 paper opened at Rs 98.18 (7.86 per cent YTM) and ended at Rs 98.09 (7.88 per cent YTM) against the previous close of Rs 98 (7.89 per cent YTM). The 8.07-11 year-2017 paper opened at Rs 101.12 (7.91 per cent YTM) and ended at Rs 100 (7.92 per cent YTM), against the previous close of Rs 100.98 (7.93 per cent YTM).

Next week, the market is likely to be around the same levels, said dealers.

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