Indian government 10Y bond has been consistently trading within the range of 7.00% to 7.10%. Buying at the 7.10% level neutralized the attempt to breach the upper end of the range during the week. Market participants believe Indian 10Y should trade in the range of 7.00% to 7.10%. Meanwhile, the US Fed kept the rates steady with 3 rate cuts expected this year. The commentary leaned towards dovishness which calmed the market nerves globally.
Indian Debt
- The interbank call money rate ended at 6.80%
- Indian Government 10Y bond traded within the range of 7.00% to 7.10% during the week, eventually settling at 7.07% as the market witnessed buying activity towards the upper end of the trading range
- The yield of the 10Y 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 |
6.88 |
6.88 |
| 364 Days Tbill |
7.08 |
7.09 |
| 1Y CP Rate |
7.70 |
7.75 |
| 1Y CD Rate |
7.62 |
7.63 |
| 5Y Gilt |
7.04 |
7.04 |
| 5Y Corp bond |
7.87 |
7.87 |
| 10Y Gilt |
7.07 |
7.05 |
| 10Y Corp bond |
7.70 |
7.70 |
Market Trends
- Indian rupee depreciated by 34 paise against USD as the equity market witnessed a net outflow of 4207crs by FIIs
- US 10Y remained flat as the Fed kept the rate unchanged
- Brent witnessed some volatility during the week, ultimately closing at $85 per barrel. There were reports that the US is poised to bring a draft UN resolution calling for an immediate and sustained ceasefire on Gaza to a vote in the Security Council on Friday. The market will closely monitor this outcome.
| Indian Indices |
Close |
Last week Close |
| Sensex |
72,231 |
72,616 |
| Nifty |
21,932 |
21,970 |
General News
- The Bank of Japan (BOJ) increased its key interest rate from -0.1% to a range of 0%-0.1%, hiking the rate for the first time in 17 years
- Fed holds interest rates steady and maintains three cuts coming sometime this year
| Global Markets |
Close |
Last week close |
| DJIA |
38,905 |
38,905 |
| NASDAQ |
16,128 |
16,128 |
| US 10Y |
4.28 |
4.28 |
| USD/INR |
82.91 |
82.91 |
| Brent |
85.50 |
85.50 |
Primary Issues
| Issuer Name |
Ratings |
Tenor |
Issue Size +
Green Shoe (in crs) |
Open Date |
Exchange |
| KIIFB |
IND AA |
120 months |
500+350 |
22-Mar-24 |
BSE |
| Muthoot Finance |
Crisil AA+ |
36 months |
190 |
22-Mar-24 |
NSE |
Top Traded Bonds
The following are the most actively traded bonds on the Standard Market from 18th Mar to 22nd Mar:
| ISIN |
Security Name |
Volume (Cr) |
Avg. Yield (%) |
| INE261F08EG3 |
7.68 NABARD 30APR29 |
1405.00 |
7.62 |
| INE756I07EY1 |
8.3324 HDB 10MAY27 |
717.55 |
8.34 |
| INE0J7Q07249 |
7.55 DME 01MAR39 |
626.20 |
7.69 |
| INE115A07QK0 |
7.67 LIC HFL 15APR33 |
550.00 |
7.69 |
The following are the top-traded odd lot bonds from 18th Mar to 22nd Mar:
| ISIN |
Security Name |
Volume (Cr) |
Avg. yield% |
| INE549K08459 |
12.00 MUTHOOT FINCORP PERP C |
36.85 |
11.00 |
| INE539K08252 |
9.60 CREDILA 24FEB34 |
36.30 |
8.97 |
| INE487N07029 |
0% MANIPAL EDUCATION 17NOV27 |
22.90 |
12.50 |
| INE658F08128 |
8.95 KIIFB 22DEC28 |
20.40 |
9.22 |
For any inquiries or assistance related to market data, please reach out to us at support@harmoney.in