The Indian 10Y has remained flattish during the week in the trading range of 7.16-7.20. CPI numbers that were released for the US turned out higher than expected, thus the market will keenly monitor the rate cuts. The US 10Y rates and Brent prices have remained flat, as the geopolitical tension still continues in the Red Sea.
Indian Debt
- The interbank call money rate ended at 6.85%.
- The Indian Government bond yield moved down by 7bps during the week as the traders are maintaining a trading range between 7.15-7.25
- The yield of the 10-year benchmark 7.18% 2033 bond ended at 7.16%.
| Debt Market Indicators |
Close |
Last week Close |
| Repo rate |
6.50 |
6.50 |
| 91 Days Tbill |
6.93 |
6.94 |
| 364 Days Tbill |
7.15 |
7.13 |
| 1 Y CP Rate |
8 |
7.95 |
| 1 Y CD Rate |
7.9 |
7.85 |
| 5 Y Gilt |
7.06 |
7.09 |
| 5 Y Corp bond |
8 |
8.07 |
| 10 Y Gilt |
7.16 |
7.23 |
| 10 Y Corp bond |
7.87 |
7.90 |
Market Trends
- The Indian rupee appreciated by 14 paise during the week.
- The US 10Y remained flat in the week as higher than expected CPI numbers in US kept the market guessing for anticipated rate cuts.
- Brent Crude prices remained flat during the week as the geopolitical tension still continues in the Red Sea.
| Indian Indices |
Close |
Last week Close |
| Sensex |
72,148 |
72,022 |
| Nifty |
21,773 |
21,705 |
General News
- The US CPI numbers came out at 3.4% YOY, slightly higher than market consensus of 3.2%
- The Indian CPI numbers are to be released on the eve of 12 January, 2024. The course of the market for next week will depend on this data.
| Global Indices |
Close |
Last week Close |
| DJIA |
37,711 |
37,440 |
| NASDAQ |
14,970 |
14,510 |
| US 10-Y |
3.975 |
4 |
| USD/INR |
83.09 |
83.23 |
| Brent (USD) |
78.5 |
77.9 |
Primary Issues
| Issuer Name |
Ratings |
Tenor |
Issue Size +
Greenshoe |
Open Date |
Exchange |
| DLF Cyber City Developers Ltd. |
ICRA AA+ |
3.5 Years |
620+0 Cr |
12-Jan-24 |
BSE |
| HDB Financial Services Ltd. |
CRISIL AAA |
2 Years |
70+330 Cr |
12-Jan-24 |
BSE |
Top Traded Bonds
The top traded bonds in the Market (Standard) lot during the week (8th-12th Jan) are listed below:
| ISIN |
Security Name |
Volume (Cr) |
Avg. yield % |
| INE261F08EF5 |
7.80 NABARD 15MAR27 |
2,285.00 |
7.81 |
| INE040A08922 |
7.80 HDFC BANK 02JUN25 |
2,180.00 |
8.21 |
| INE002A07809 |
7.79 RIL 10NOV33 |
820.00 |
7.77 |
| INE040A08898 |
7.28 HDFC BANK 01MAR24 |
660.00 |
7.58 |
The top traded bonds in the Odd lot during the week (1st-5th Jan) are listed below:
| ISIN |
Security Name |
Volume (Cr) |
Avg. yield % |
| INE516Y07444 |
6.75 PIRAMAL CAPITAL 26SEP31 |
22.59 |
10.83 |
| INE487N07011 |
0% MANIPAL EDU&MED GRP IND PVT LTD 10OCT25 |
19.60 |
12.87 |
| INE572J07653 |
10.11 SPANDANA SPHOORTY 18DEC25 |
19.53 |
11.81 |
| INE891K07903 |
8.29 AXIS FIN 26FEB27 |
17.80 |
8.20 |