Indian government 10Y bond witnessed some profit booking at 7.00%, aided by a higher-than-expected CPI number. Concerns about inflation have also surfaced globally, particularly in the US, where both CPI and PPI figures indicate stickiness in inflation, leading to an increase in the US 10Y yield. With Brent crude trading above $85 per barrel, the Indian markets may face some apprehension. However, market participants anticipate that the trading range for the Indian 10Y of 7.00% to 7.10% will likely be maintained unless there's a clear break on either side of the range.
Indian Debt
- The interbank call money rate ended at 6.7%
- Indian Government 10Y bond yield remained flat during the week as the CPI number for the month of February was above the market expectations
- The yield of the 10Y benchmark 7.18% 2033 bond ended at 7.05%
| Debt Market Indicators |
Close |
Last week Close |
| Repo rate |
6.50 |
6.50 |
| 91 Days Tbill |
6.88 |
6.90 |
| 364 Days Tbill |
7.09 |
7.10 |
| 1Y CP Rate |
7.75 |
7.90 |
| 1Y CD Rate |
7.63 |
7.70 |
| 5Y Gilt |
7.04 |
7.04 |
| 5Y Corp bond |
7.87 |
7.85 |
| 10Y Gilt |
7.05 |
7.05 |
| 10Y Corp bond |
7.70 |
7.70 |
Market Trends
- Indian rupee depreciated by 16 paise against the USD as the equity market witnessed a net outflow of 1666crs by FIIs
- US 10Y moved up by 16bps as the published CPI and PPI data displayed signs of stickiness in inflation
- Brent broke the trading range of 80$ to 85$ per barrel and is trading above 85$ per barrel because of increased global demand and cuts in production by OPEC+ countries
| Indian Indices |
Close |
Last week Close |
| Sensex |
72,616 |
74,104 |
| Nifty |
21,970 |
22,487 |
General News
- India's CPI number for February 2024 stands at 5.09%
- US CPI number for the month of February was higher than the expected CPI of 3.2%
| Global Markets |
Close |
Last week close |
| DJIA |
38,905 |
38,661 |
| NASDAQ |
16,128 |
16,031 |
| US 10Y |
4.28 |
4.12 |
| USD/INR |
82.91 |
82.75 |
| Brent |
85.50 |
83.00 |
Primary Issues
| Issuer Name |
Ratings |
Tenor |
Issue Size +
Green Shoe (in crs) |
Open Date |
Exchange |
| Adani Capital |
Crisil AA- |
36 months |
150+0 |
15-Mar-24 |
BSE |
| Aditya Birla Finance |
Icra AAA |
38 months |
750+1250 |
15-Mar-24 |
BSE |
Top Traded Bonds
The following are the most actively traded bonds on the Standard Market from 11th Mar to 15th Mar:
| ISIN |
Security Name |
Volume (Cr) |
Avg. Yield (%) |
| INE261F08EG3 |
7.68 NABARD 30APR29 |
1395.00 |
7.62 |
| INE0J7Q07249 |
7.55 DME 01MAR39 |
626.20 |
7.69 |
| INE756I07EY1 |
8.3324 HDB 10MAY27 |
611.50 |
8.35 |
| INE047A08158 |
7.60 GRASIM 04JUN24 |
540.00 |
7.67 |
The following are the top-traded odd lot bonds from 11th Mar to 15th Mar:
| ISIN |
Security Name |
Volume (Cr) |
Avg. yield% |
| INE549K08459 |
12.00 MUTHOOT FINCORP PERP C |
33.20 |
10.80 |
| INE06E507181 |
10.47 HELLA INFRA MARKET 19JUL25 |
18.71 |
13.65 |
| INE692A08185 |
8.50 UNION BANK PERP 02MAR27 C |
17.00 |
8.63 |
| INE07HK07692 |
9.85 KRAZYBEE SERVICES 16MAY25 |
16.78 |
11.90 |
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