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Weekly Newsletter - 1st December, 2023

Team Harmoney

The Indian 10Y traded in a narrow range during the week with a flattish level between 7.27 and 7.29.
With the MPC meeting lined up for next week, the market will be closely monitoring RBI governor's speech and MPC committee's assessment of macro economic data.
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 6.85%.
  • The Indian Government bond yield remained flat during the week as the market was closely monitoring the incoming GDP data for Q2 period.
  • The yield of the 10-year benchmark 7.18% 2033 bond ended at 7.29%. The 10Y paper remained flat during the week from 7.27 to 7.29
Debt Market Indicators Close Last week Close
Repo rate 6.5 6.5
91 Days Tbill 6.96 6.95
364 Days Tbill 7.15 7.15
1 Y CP Rate 7.85 7.85
1 Y CD Rate 7.75 7.70
5 Y Gilt 7.27 7.25
5 Y Corp bond 7.85 7.80
10 Y Gilt 7.29 7.27
10 Y Corp bond 7.87 7.87
  • The Indian rupee has appreciated by 5 paise during the week.
  • The Rupee has remained flat during the week as it was supported by inflow of INR 11,627 Cr by FII in equity market.
  • The Brent Crude remained in the narrow range of $80 to $83/barrel during the week. The OPEC+ meeting outcome could not fuel the rally in the Brent prices due to the disagreement amongst the members with respect to voluntary production cut and weakening the Global demand, especially from China.
Indian Indicies Close Last week Close
Sensex 66,988 66,000
Nifty 20,133 19,805

General News

  • The Indian economy grew by 7.6 percent during the July - September quarter of the current fiscal year 2023-2024, remaining the fastest growing major economy in the world.
  • The OPEC+ members have agreed to make additional voluntary cuts to oil production in 2024 in an attempt to bolster the market, but Crude prices fell due to the signs of ongoing dispute in the group.
Gloabal Indices Close Last week close
DJIA 35,950 35,273
NASDAQ 14,226 14,266
US 10-Y 4.33 4.47
USD/INR 83.30 83.35
Brent (USD) 80.50 81.50

Primary Issues

Issuer Name Ratings Tenor Issue Size +
Open Date Exchange
DME Development Ltd CRISIL AAA 15 Years 1,000+2,000 Cr 01-Dec-23 BSE
Bharti Telecom CRISIL AA+ 5 Years 2,000 Cr 01-Dec-23 NSE

Top Traded Bonds

The top traded bonds in the Market (Standard) lot during the week (27th Nov-1st Dec) are listed below:

ISIN Security Name Volume (Cr) Avg. yield %
INE163N08206 7.12 ONGC Petro - C 02JAN24 M 4,865.00 7.45
INE556F08KL3 7.83 SIDBI 24NOV28 2,232.00 7.82
INE053F08338 7.68 IRFC 24NOV26 1,025.00 7.69
INE556F08KK5 7.79 SIDBI 19APR27 650.00 7.81

The top traded bonds in the Odd lot during the week (27th Nov-1st Dec) are listed below:

ISIN Security Name Volume (Cr) Avg. yield %
INE860H07IS6 8.10 ABFL 09OCT33 19.046 8.14
INE539K08237 8.15 CREDILA PERP 31JAN33 C 18.00 8.24
INE0M2307032 9.62 AP Bev 30MAY25 13.40 9.24
INE053F07652 8.23 IRFC 18FEB24 12.60 5.94