In the Indian financial market, the interbank call money rate concluded the week at 6.75%. The uncertainty in the US market led to a 3 bps increase in the Indian Government bond yield. The US 10-year Treasury yield rose by 18 bps during the week, influenced by new economic data and FOMC member Waller's comments on a potential delay in rate cuts. Market observers will be closely monitoring FOMC members' comments for insights into anticipated rate cuts.
Indian Debt
- The interbank call money rate ended at 6.75%.
- Indian Government bond yield moved up by 3 bps during the week as uncertainty in the US market is keeping the market participants guessing about the rate cuts.
- The yield of the 10-year benchmark 7.18% 2033 bond ended at 7.19%.
| Debt Market Indicators |
Close |
Last Week's Close |
| Repo rate |
6.50 |
6.50 |
| 91 Days Tbill |
6.97 |
6.93 |
| 364 Days Tbill |
7.15 |
7.15 |
| 1 Y CP Rate |
8.00 |
8.00 |
| 1 Y CD Rate |
7.90 |
7.90 |
| 5 Y Gilt |
7.04 |
7.06 |
| 5 Y Corp bond |
8.01 |
8.00 |
| 10 Y Gilt |
7.19 |
7.16 |
| 10 Y Corp bond |
7.87 |
7.87 |
Market Trends
- Indian rupee depreciated by 6 paise during the week as equity markets saw a net outflow of INR 19,000 Cr.
- US 10Y moved up by 18 bps during the week as the new economic data and FOMC member Waller's comment about a delay in the rate cut kept the market nervous.
- Brent remained in a tight range of $77-79 as geopolitical tension and forecast of an increase in demand supported the price.
| Indian Indices |
Close |
Last Week's Close |
| Sensex |
71,745 |
72,148 |
| Nifty |
21,625 |
21,773 |
General News
- Indian CPI numbers released for December were at 5.7%
- The market will be keenly monitoring the comments of FOMC members as that will provide sufficient hints for expected rate cuts.
| Global Indices |
Close |
Last Week's Close |
| DJIA |
37,468 |
37,711 |
| NASDAQ |
15,055 |
14,970 |
| US 10-Y |
4.16 |
3.975 |
| USD/INR |
83.15 |
83.09 |
| Brent (USD) |
79 |
78.5 |
Primary Issues
| Issuer Name |
Ratings |
Tenor |
Issue Size +
Green Shoe (in crs) |
Open Date |
Exchange |
| ONGC Petro Additions Ltd |
CRISIL AA |
3 Years |
200+700 |
19-Jan-24 |
BSE |
| Bajaj Finance Ltd |
CRISIL AAA |
5 Years |
500+2500 |
19-Jan-24 |
BSE |
Top Traded Bonds
The following are the most actively traded bonds on the Standard Market from 15th to 19th Jan:
| ISIN |
Security Name |
Volume (Cr) |
Avg. yield% |
| INE261F08CU8 |
5.44 NABARD 05FEB24 |
1,275 |
7.24 |
| INE261F08EF5 |
7.80 NABARD 15MAR27 |
775 |
7.77 |
| INE343G08026 |
5.90 BHARTI HEXACOM LIMITED 30APR24 |
750 |
7.83 |
| INE556F08KB4 |
7.11 SIDBI 27FEB26 |
650 |
7.80 |
The following are the top-traded odd lot bonds from 15th to 19th Jan:
| ISIN |
Security Name |
Volume (Cr) |
Avg. yield% |
| INE756I08264 |
8.45 HDB PERP - C |
22 |
8.50 |
| INE06E507165 |
10.57 HELLA INFRA MARKET PVT LTD 23NOV25 |
16.49 |
14.72 |
| INE342T07429 |
10.25 NAVI FINSERV LIMITED 31DEC26 |
15.81 |
10.91 |
| INE148I07GL3 |
9.00 INDIABULLS HOUSING 26SEP26 |
15.05 |
12.92 |