The RBI's Monetary Policy Committee maintained status quo with no market moving news in the Governor’s speech, the Indian 10Y remained flat at 7.24 and maintained a trading range of 7.20 to 7.40. Softening in the US 10Y and Brent prices will support the market but market participants do not see the yields going down further from this point. Hence, the market participants expect the trading range for the Indian 10Y to be from 7.20 to 7.40
Indian Debt
- The interbank call money rate ended at 6.80%.
- The Indian Government bond yield softened by 5bps during the week, as the monetary policy announcement was on the expected line.
- The yield of the 10-year benchmark 7.18% 2033 bond ended at 7.24%. The 10Y paper moved down by 5bps from 7.29 to 7.24 owing to softening in Brent prices and US 10Y bond.
| Debt Market Indicators |
Close |
Last week Close |
| Repo rate |
6.50 |
6.50 |
| 91 Days Tbill |
6.955 |
6.960 |
| 364 Days Tbill |
7.16 |
7.15 |
| 1 Y CP Rate |
7.95 |
7.85 |
| 1 Y CD Rate |
7.85 |
7.75 |
| 5 Y Gilt |
7.23 |
7.27 |
| 5 Y Corp bond |
7.85 |
7.85 |
| 10 Y Gilt |
7.24 |
7.29 |
| 10 Y Corp bond |
7.88 |
7.87 |
Market Trends
- The Indian rupee depreciated by 6 paise during the week.
- The US 10Y moved down by 17bps during the week, as the economic data in the US suggested slowing down of the US economy.
- The Brent Crude remained in the range of $75 to $80/barrel during the week. Brent is set to lose about 5% this week, amid the signs of increasing global supplies and weakening demand.
| Indian Indicies |
Close |
Last week Close |
| Sensex |
69,521 |
66,988 |
| Nifty |
20,901 |
20,133 |
General News
- Monetary policy which was announced on Friday, was on the expected line with key rates remaining unchanged. Repo rate was at 6.5% and SDF rate was at 6.25%.
- MPC voted unanimously to keep the Repo rates unchanged. The MPC members voted 5-1 in favour of retaining the the stance at "withdrawal of accommodation".
| Global Indices |
Close |
Last week close |
| DJIA |
36,117 |
35,950 |
| NASDAQ |
14,339 |
14,226 |
| US 10-Y |
4.16 |
4.33 |
| USD/INR |
83.36 |
83.3 |
| Brent (USD) |
75.15 |
80.50 |
Primary Issues
| Issuer Name |
Ratings |
Tenor |
Issue Size +
Greenshoe |
Open Date |
Exchange |
| NAVI Finserv Ltd |
IND A (Stable) |
3 Years |
50+50 Cr |
08-Dec-23 |
BSE |
| REC Ltd |
ICRA AAA |
23 Months |
500+1,500 Cr |
08-Dec-23 |
NSE |
Top Traded Bonds
The top traded bonds in the Market (Standard) lot during the week (4th-8th Dec) are listed below:
| ISIN |
Security Name |
Volume (Cr) |
Avg. yield % |
| INE040A08922 |
7.80 HDFC Bank 02JUN25 |
1,525.00 |
8.12 |
| INE306N07NS8 |
8.0980 Tata Capital 22NOV27 |
808.40 |
8.17 |
| INE403D08181 |
8.90 Bharti Telecom 04DEC25 |
600.00 |
8.84 |
| INE261F08CU8 |
5.44 NABARD 05FEB24 |
600.00 |
7.48 |
The top traded bonds in the Odd lot during the week (4th-8th Dec) are listed below:
| ISIN |
Security Name |
Volume (Cr) |
Avg. yield % |
| INE140R08106 |
9.75 CHAITANYA INDIA FIN CREDIT 10NOV25 |
21.17 |
10.81 |
| INE0P3M07017 |
14.25 HELLA CHEMICAL MARKET 18MAR26 |
20.50 |
15.86 |
| INE06E507165 |
10.57 HELLA INFRA MARKET 23NOV25 |
16.27 |
15.33 |
| INE0BNQ07063 |
10.00 AVANTI FINANCE 17MAY25 |
13.96 |
9.95 |