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Weekly Newsletter - 19th January, 2024

Team Harmoney

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
  • 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