Indian 10Y displayed resilience as it ignored the rising US 10Y yield and Brent crude prices. Earlier in the week, buying was seen at 7.10% level in Indian 10Y which has become the upper end of the trading range. Profit booking was witnessed at 7.03% after RBI released its MPC minutes. The RBI MPC indicated that the current emphasis is on controlling inflation. Market participants believe the Indian 10Y should trade in the range of 7.00% to 7.10%.
Indian Debt
- The interbank call money rate ended at 6.70%
- Indian Government 10Y bond yield remained flat during the week as market ignored rising US 10Y and MPC minutes
- The yield of the 10-year benchmark 7.18% 2033 bond ended at 7.07%
| Debt Market Indicators |
Close |
Last week Close |
| Repo rate |
6.50 |
6.50 |
| 91 Days Tbill |
7.05 |
7.05 |
| 364 Days Tbill |
7.13 |
7.15 |
| 1 Y CP Rate |
8.00 |
8.00 |
| 1 Y CD Rate |
7.90 |
7.90 |
| 5 Y Gilt |
7.06 |
7.06 |
| 5 Y Corp bond |
7.85 |
7.90 |
| 10 Y Gilt |
7.07 |
7.08 |
| 10 Y Corp bond |
7.70 |
7.74 |
Market Trends
- The Indian rupee appreciated by 16 paise against the dollar
- US 10Y increased by 8 bps as strong labor data magnified hawkish remarks from the FOMC.
- Brent Crude traded in the narrow range of 82$ to 83$ per barrel as the market assessed several supply and demand factors.
| Indian Indices |
Close |
Last week Close |
| Sensex |
73,353 |
72,328 |
| Nifty |
22,275 |
22,005 |
General News
- RBI's MPC minutes suggested the committee's continued focus on controlling inflation before making any shifts in the policy stance
- India's GDP growth for Q4 will be released on 29th Feb, 2024.
| Global Markets |
Close |
Last week close |
| DJIA |
39,069 |
38,733 |
| NASDAQ |
16,041 |
15,906 |
| US 10-Y |
4.33 |
4.25 |
| USD/INR |
82.86 |
83.02 |
| Brent |
83.00 |
82.50 |
Primary Issues
| Issuer Name |
Ratings |
Tenor |
Issue Size +
Green Shoe (in crs) |
Open Date |
Exchange |
| Toyota Financial |
ICRA AAA |
35 months |
200+0 |
23-Feb-24 |
NSE |
| Aadharshila Infratech |
CARE AA+ |
5 Years |
150+0 |
23-Feb-24 |
BSE |
Top Traded Bonds
The following are the most actively traded bonds on the Standard Market from 16th Feb to 23rd Feb:
| ISIN |
Security Name |
Volume (Cr) |
Avg. Yield (%) |
| INE261F08EF5 |
7.80 NABARD 15MAR27 |
905 |
7.72 |
| INE261F08DW2 |
7.57 NABARD 19MAR26 |
720 |
7.80 |
| INE377Y07466 |
0.00 BAJAJ HFL 16FEB26 |
700 |
7.98 |
| INE556F08KG3 |
7.59 SIDBI 10FEB26 |
625 |
7.81 |
The following are the top-traded odd lot bonds from 16th Feb to 23rd Feb:
| ISIN |
Security Name |
Volume (Cr) |
Avg. yield% |
| INE06E507181 |
10.47 HELLA INFRA 19JUL25 |
19.29 |
15.08 |
| INE01HV07395 |
8.90 VIVRITI CAPITAL 13MAY25 |
13.60 |
10.00 |
| INE516Y07444 |
6.75 PIRAMAL CAPITAL 26SEP31 |
13.25 |
10.89 |
| INE443L08156 |
10.00 BELSTAR 01AUG25 |
12.87 |
10.17 |
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