The Indian 10Y government bond yield is between 7.05% and 7.12%, with the market hesitant to break either end of the range. Despite Q3 FY24 GDP surpassing market expectations and a subsequent upward revision in the FY24 growth forecast to 7.6%, the market remained unresponsive. Participants believe that the Indian 10Y should trade in the range where they can buy at the upper end and book profits at the lower end.
Indian Debt
- The interbank call money rate ended at 6.69%
- Indian Government 10Y bond yield remained flat during the week as the market digested better than expected Q3 GDP numbers
- The yield of the 10-year benchmark 7.18% 2033 bond ended at 7.07%
| Debt Market Indicators |
Close |
Last week Close |
| Repo rate |
6.50 |
6.50 |
| 91 Days Tbill |
6.96 |
7.05 |
| 364 Days Tbill |
7.12 |
7.13 |
| 1 Y CP Rate |
8.00 |
8.00 |
| 1 Y CD Rate |
7.80 |
7.90 |
| 5 Y Gilt |
7.05 |
7.06 |
| 5 Y Corp bond |
7.85 |
7.85 |
| 10 Y Gilt |
7.07 |
7.07 |
| 10 Y Corp bond |
7.72 |
7.70 |
Market Trends
- Indian rupee remained flat as the equity market saw a net inflow of ~1100crs
- US 10Y moved down by 8bps as US bonds witnessed buying at the upper end of the trading rage of 4.30
- Brent traded in the range of 82-83 dollars per barrel amid the geopolitical tensions in the Red Sea and demand concerns due to the accumulation of US crude inventory
| Indian Indices |
Close |
Last week Close |
| Sensex |
73,021 |
72,353 |
| Nifty |
22,150 |
22,275 |
General News
- India’s GDP grows at 8.4% during Q3 FY24. India’s full-year GDP growth forecast for FY 24 rate was increased to 7.6% from 7.3%
- US fourth-quarter GDP growth revised slightly lower at 3.2%
| Global Markets |
Close |
Last week close |
| DJIA |
38,996 |
39,069 |
| NASDAQ |
16,091 |
16,041 |
| US 10-Y |
4.25 |
4.33 |
| USD/INR |
82.86 |
82.86 |
| Brent |
82.50 |
83.00 |
Primary Issues
| Issuer Name |
Ratings |
Tenor |
Issue Size +
Green Shoe (in crs) |
Open Date |
Exchange |
| Vadodara Municipal |
IND AA+ |
5 years |
100+0 |
01-Mar-24 |
BSE |
| Hinduja Housing |
Crisil AA |
177 months |
37+0 |
01-Mar-24 |
BSE |
Top Traded Bonds
The following are the most actively traded bonds on the Standard Market from 23rd Feb to 1st Mar:
| ISIN |
Security Name |
Volume (Cr) |
Avg. Yield (%) |
| INE115A07QN4 |
7.69 LIC HFL 06FEB34 |
1850 |
7.69 |
| INE020B08EX7 |
7.64 REC 30APR27 |
1500 |
7.64 |
| INE134E08MX3 |
7.60 PFC 13APR29 |
1145 |
7.59 |
| INE202E08169 |
7.59 IREDA 23FEB34 |
805 |
7.59 |
The following are the top-traded odd lot bonds from 23rd Feb to 1st Mar:
| ISIN |
Security Name |
Volume (Cr) |
Avg. yield% |
| INE540P08028 |
9.70 UPPCL 04JUL31 |
43.38 |
9.09 |
| INE539K08252 |
9.60 CREDILA 24FEB34 |
24 |
8.074 |
| INE062A08413 |
8.34 SBI PERP 19JAN34 C |
18 |
8.06 |
| INE860H07IS6 |
8.10 ABFL 09OCT33 |
17.805 |
8.04 |
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