The recent rally in the Indian 10Y has priced in all good news, be it easing in US 10Y, CPI numbers and fall in crude price. Yet, the Indian 10Y has failed to break 7.20 levels, going forward market participants expect Indian 10Y to trade in the range of 7.20 to 7.40.
Indian Debt
- The interbank call money rate ended at 6.77%.
- The Government bond yield moved down by 5bps during the week as the CPI numbers released were on the expected line.
- The yield of the 10-year benchmark 7.18% 2033 bond ended at 7.23%. The 10Y paper moved down by 5bps during the week from 7.28 to 7.23
| Debt Market Indicators |
Close |
Last week Close |
| Repo rate |
6.5 |
6.5 |
| 91 Days Tbill |
6.94 |
6.92 |
| 364 Days Tbill |
7.13 |
7.15 |
| 1 Y CP Rate |
7.8 |
7.8 |
| 1 Y CD Rate |
7.7 |
7.7 |
| 5 Y Gilt |
7.21 |
7.25 |
| 5 Y Corp bond |
7.72 |
7.72 |
| 10 Y Gilt |
7.23 |
7.28 |
| 10 Y Corp bond |
7.85 |
7.87 |
Market Trends
- The Indian rupee has remained flat during the week.
- The Rupee has remained flat as the FII activity in the equity market during the week has seen a net inflow of INR 73 Crores.
- The Brent prices have come down significantly from $81 to $77 per barrel; the downward movement in the Brent price can be attributed to rising inventory and weakening demand from US and China.
| Indian Indicies |
Close |
Last week Close |
| Sensex |
65,982 |
64,652 |
| Nifty |
19,765 |
19,353 |
General News
- The Indian CPI number for the month of October was at 4.87% and for the US it came down to 3.20%
- The Market will be keen on reading the FOMC minutes which will be released on 22nd November, 2023.
| Gloabal Indices |
Close |
Last week close |
| DJIA |
34,945 |
33,892 |
| NASDAQ |
14,113 |
13,521 |
| US 10-Y |
4.43 |
4.61 |
| USD/INR |
83.225 |
83.280 |
| Brent (USD) |
77.78 |
81.00 |
Primary Issues
| Issuer Name |
Ratings |
Tenor |
Issue Size +
Greenshoe |
Open Date |
Exchange |
| Axis Finance Limited |
CRISIL-AAA |
5 Years |
200 Cr |
17-Nov-23 |
NSE |
| Shriram Housing Finance |
CRISIL-AA+ |
10 Years |
250 Cr |
17-Nov-23 |
NSE |
Top Traded Bonds
The top traded bonds in the market during the week (13th-17th Nov) are listed below:
| ISIN |
Security Name |
Volume (Cr) |
Avg. yield % |
| INE020B08EQ1 |
7.71 REC Limited 31OCT33 |
1,780.00 |
7.70 |
| INE020B08EP3 |
7.77 REC Limited 30SEP26 |
1,430.00 |
7.77 |
| INE261F08DX0 |
7.58 NABARD 31JUL26 |
710.00 |
7.77 |
| INE261F08DT8 |
7.50 NABARD 17DEC25 |
450.00 |
7.77 |