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Weekly Newsletter - 1st Mar 2024

Team Harmoney

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
  • 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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