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Weekly Newsletter - 26th Apr 2024

Team Harmoney

The Indian 10Y government bond has formed a new trading range of 7.15% to 7.25%, shifting the base upwards from its previous trading range due to global factors. The increase in the US 10-year yield, attributed to heightened inflation concerns, is nudging expectations of a rate cut towards the final quarter of the calendar year. There was notable buying interest observed in the Indian government 10Y bond at the 7.24% level; however, it remains to be seen if the market will respond similarly this time. The upcoming FOMC meeting next week and ongoing geopolitical tensions in the Middle East are pivotal factors that will steer the market's future trajectory.

Indian Debt

  • The interbank call money rate ended at 6.70%.
  • Indian 10Y bond is trading near 7.25%, a level where buying interest can be witnessed. The rise in the Indian 10Y can be attributed to the rising US 10Y.
  • The yield of the 10-year benchmark 7.18% 2033 bond ended at 7.22%.
  • The Indian rupee appreciated against the US dollar by 15 paise. INR seemed to strengthen due to the softening of the dollar against global peers.    
  • The US 10Y Treasury note climbed to 4.70% amidst mixed signals from the latest economic indicators. While Q1 GDP data fell short of expectations, PCE data indicated persistent inflationary pressures.
  • Brent crude strengthened above 89$ per barrel underpinned by an improving demand outlook and persistent supply risks related to Middle East conflict.
Indian Indices Close Last week Close
Sensex 74,375 72,100
Nifty 22,580 21,870

General News

  • RBI unveiled its MPC minutes, highlighting the central bank's emphasis on managing inflation.
  • US GDP data for Q1 stood at 1.6% against the expectation of 2.5%.
Global Markets Close Last week close
DJIA 38,085 37,775
NASDAQ 15,611 15,601
US 10Y 4.55 4.70
USD/INR 83.34 83.49
Brent 89.40 88.60

Primary Issues

Issuer Name Ratings Tenor Issue Size +
Green Shoe (in crs)
Open Date Exchange
UNO Minda Limited ICRA AA+ 36 months 100+0 26-Apr-24 BSE
HDB Financial Services CARE AAA 36 months 60+240 26-Apr-24 BSE

Top Traded Bonds

The following are the most actively traded bonds on the Standard Market from 22nd Apr to 26th Apr:

ISIN Security Name Volume (Cr) Avg. Yield (%)
INE557F08FV0 7.78 NATIHBK - C 26APR27 M 1000 7.78
INE115A07PN6 6.40 LIC HOUSING 30NOV26 950 7.97
INE040A08856 5.78 HDFC BANK 25NOV25 725 8.05
INE557F08FW8 7.79 NATIHBK - C 06JUL27 M 650 7.79

The following are the top-traded odd lot bonds from 22nd Apr to 26th Apr:

ISIN Security Name Volume (Cr) Avg. yield%
INE572J07703 9.81 SPANDANA 02APR26 55.08 11.52
INE443L08156 10.00 BELSTAR 01AUG25 43.43 9.12
INE348L07167 8.60 MAS FINSERV 16JUL25 39.63 9.54
INE906B07EI0 7.35 NHAI 11JAN31 29.11 5.12

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