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 |
Market Trends
- 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 +
Greenshoe |
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 |