US markets were on a holiday on Thursday, but they are agog with what the incumbent, President would do with his re-election bid. Pressure is mounting from party veterans and allies on Biden to withdraw after his recent debate with challenger Trump. Time is running out for the beleaguered president to convince anxious Democratic officials, donors and voters that he remains viable in his effort to prevent Trump from returning to office.
Top 3 Leads Today
- SEBI chair Madhabi Puri Buch urges industry to report mischief in markets.
- India's FMCG sector to see revenue growth of 7-9 pc in fiscal 2024: CRISIL
- Easier visa norms to be extended to non-PLI manufacturers: DPIIT secretary
Indian Markets
- Money Markets Minute: The call money rate ended below the RBI's repo rate of 6.50%, with the banking system's liquidity surplus exceeding ₹1 trillion. The one-day call money rate closed at 5.75%, down from 6.35% on Wednesday.
- Government Bond Brief: Government bond yields ended flat as selling by private banks offset the impact of a drop in US Treasury yields. Traders awaited fresh cues from the Union Budget. The 10-year benchmark 7.10%, 2034 bond yield remained unchanged at 7.00%.
- Corporate Bond Beat:Corporate bond yields remained range-bound in the secondary market for the fourth consecutive session due to a lack of firm domestic cues. Private sector banks were primarily selling to book profits, while mutual funds were the main buyers.
- Forex Flash: The rupee ended slightly higher against the dollar as banks sold the greenback on behalf of foreign portfolio investors for investments in ongoing domestic IPOs. After fluctuating within a 9-paise range, the rupee closed at 83.4925 per dollar, up from 83.5300 per dollar on Wednesday.
- Stocks Spotlight: Strength in global equities pushed India's headline indices to new lifetime highs. However, early gains in the Nifty 50 and Sensex were quickly lost as concerns over high valuations led investors to book profits. Despite this, both indices managed to close higher. The Nifty 50 and Sensex hit all-time highs of 24,401 and 80,392.64 points, respectively, in the first hour of trading, driven by gains in IT and select banking stocks.
International Markets
- US Markets were closed for Independence Day celebrations.
Trading Trends
Traded volume(in Cr) in corporate bonds by sector and maturity:
| Sector | 0-1y | 1-3y | 3-5y | 5-10y | >10y | Grand Total |
|---|---|---|---|---|---|---|
| NBFC | 441 | 2,294 | 365 | 711 | 195 | 4,016 |
| Financial Institution | 75 | 1,166 | 455 | 730 | - | 2,427 |
| Housing Finance Company | 260 | 251 | 329 | 79 | - | 919 |
| Private Sector Bank | 0 | 325 | - | 102 | 200 | 627 |
| Public Sector Bank | - | - | 303 | 5 | - | 338 |
Secondary trade details for recently issued primary corporate bonds:
Security Name |
Issue Date |
Traded Volume(Cr) |
Avg Yield(%) |
LTY (%) |
|---|---|---|---|---|
| 11.00 GMR INFRA PROJECTS 26JUN2027 | 2024-06-26 | 600.00 | 15.67 | 15.71 |
| 7.44 IREDALTD 25AUG34 | 2024-06-25 | 75.00 | 7.44 | 7.44 |
| 8.35 AXISFIN 23JUN34 | 2024-06-24 | 180.00 | 8.36 | 8.35 |
| 8.07 NIIF 23AUG29 | 2024-06-21 | 430.00 | 8.07 | 8.07 |
| 10.25 AYEFINANCE 20MAR26 | 2024-06-20 | 205.04 | 11.43 | 10.63 |
| 9.10 SHRIRAMFIN 20JUN34 | 2024-06-20 | 129.00 | 9.09 | 9.09 |
| 9.25 SKFL - C 19SEP27 M | 2024-06-19 | 100.00 | 9.75 | 9.75 |
| 10.20 KRAZYBEESERVICES 19DEC25 | 2024-06-19 | 87.60 | 11.24 | 12.60 |
| 8.05 TATA CAPITAL HFL 18JUN29 | 2024-06-18 | 285.00 | 8.05 | 8.04 |
| 7.9265 LICHSGFIN 14JUL27 | 2024-06-14 | 1060.00 | 7.93 | 7.93 |
| 7.44 IRFC 13JUN34 | 2024-06-13 | 1530.00 | 7.45 | 7.40 |
| 8.55 HDB PERP - C | 2024-06-13 | 259.00 | 8.54 | 8.54 |
| 11.40 KEERTANA 13JUN27 | 2024-06-13 | 62.05 | 13.00 | 13.53 |
| 9.95 ADANIAIRPORT 12JUN28 | 2024-06-12 | 96.51 | 9.93 | 9.78 |
| 9.16 360ONEPRIME 12JUN27 | 2024-06-12 | 75.00 | 9.67 | 9.90 |
Source: Harmoney data analytics
Events This Week
July 5, Friday:
- US Employment Report for June.
- US Weekly Export Sales.
For any inquiries or assistance related to market data, please reach out to us at support@harmoney.in