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Weekly Newsletter - 24th November, 2023

Team Harmoney

The Indian 10Y traded between 7.20-7.28 during the week.
Benchmark touched the lower end of the range on account of positives in the FOMC minutes, low inflation numbers, economic data, and cooling in Brent crude.
Any negatives in the crude prices or the US 10Y may result in the Indian 10Y touching 7.40

Indian Debt

  • The interbank call money rate ended at 6.79%.
  • The Indian Government bond yield moved up by 4bps during the week. Levels have remained flat as the FOMC minutes gave out mixed signals.
  • The yield of the 10-year benchmark 7.18% 2033 bond ended at 7.27%. The 10Y paper moved up by 4bps during the week from 7.23 to 7.27
Debt Market Indicators Close Last week Close
Repo rate 6.50 6.50
91 Days Tbill 6.95 6.94
364 Days Tbill 7.15 7.13
1 Y CP Rate 7.85 7.80
1 Y CD Rate 7.70 7.70
5 Y Gilt 7.25 7.21
5 Y Corp bond 7.80 7.72
10 Y Gilt 7.27 7.23
10 Y Corp bond 7.87 7.85
  • The Indian rupee has depreciated by 13 paise during the week.
  • The Rupee has remained under pressure as the equity market (cash segment)  has seen a net outflow of INR 1,184 Crores during the week.
  • The Brent Crude saw a volatile week, due to the disagreement between OPEC+ members over output quotas which clouded the supply outlook. OPEC meeting outcome at the end of the month will drive the prices from hereon, where prices at the end of the week settled at $81.50/barrel compared to the previous weeks price closing of $77/barrel.
Indian Indicies Close Last week Close
Sensex 66,000 65,982
Nifty 19,805 19,765

General News

  • The FOMC minutes were released during the week which indicated that the Fed members agreed on ''proceeding carefully'' and Fed foresee the rates to ''remain restrictive for some time''.
  • The market will be carefully monitoring and watching for a growth in Indian GDP rate numbers which will be published on 30th Nov 2023.
Gloabal Indices Close Last week close
DJIA 35,273 34,945
NASDAQ 14,266 14,113
US 10-Y 4.47 4.43
USD/INR 83.350 83.225
Brent (USD) 81.50 77.78

Primary Issues

Issuer Name Ratings Tenor Issue Size +
Open Date Exchange
DMI Finance Private Ltd ICRA AA 633 Days 200+200 Cr 24-Nov-23 BSE
Keertana Finserv Private Ltd ICRA BBB 2 Years 50+50 Cr 24-Nov-23 BSE

Top Traded Bonds

The top traded bonds in the Market (Standard) lot during the week (20th-24th Nov) are listed below:

ISIN Security Name Volume (Cr) Avg. yield %
INE245A08208 6.18 Tata Power Feb24 800.00 7.58
INE343G08018 6.00 BHARTI HEXACOM 19JAN24 700.00 7.55
INE213A08040 4.50 ONGC 09FEB24 605.00 7.37
INE01XX07026 8.9508 PIPELINE INFRASTRUCTURE 22MAR24 600.00 7.60

The top traded bonds in the Odd lot during the week (20th-24th Nov) are listed below:

ISIN Security Name Volume (Cr) Avg. yield %
INE572J07612 10.75 SPANDANA 04SEP26 19.29 11.60
INE0M2307081 9.62 AP Bev 31MAY30 18.20 9.29
INE916DA7QV6 0% KMPL 19JAN24 18.00 7.84
INE515Q08226 12.40 ANNAPURNA FINANCE 24APR29 15.58 12.92