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Weekly Newsletter - 5th January, 2024

Team Harmoney

The Indian 10Y has remained flattish during the week in the trading range of 7.19-7.22. The market will be on a close watch as the inflation numbers will be announced for India and the US next week. The US 10Y rates and Brent prices have remained flattish amid weakened demand for crude and geopolitical tension in the Gulf.

Indian Debt

  • The interbank call money rate ended at 6.80%.
  • The Indian Government bond yield moved up by 5bps during the week due to mixed signals coming out of FOMC minutes.
  • The yield of the 10-year benchmark 7.18% 2033 bond ended at 7.23%.
Debt Market Indicators Close Last week Close
Repo rate 6.50 6.50
91 Days Tbill 6.94 6.93
364 Days Tbill 7.13 7.13
1 Y CP Rate 7.95 7.95
1 Y CD Rate 7.85 7.85
5 Y Gilt 7.09 7.08
5 Y Corp bond 8.07 8.05
10 Y Gilt 7.230 7.175
10 Y Corp bond 7.90 7.85
  • The Indian rupee depreciated by 4 paise during the week after a rally of 20 paise in last 2 weeks.
  • The US 10Y moved up by 14bps during the week, as the FOMC minutes did not lay out a clear path for rate cuts in 2024.
  • Brent Crude prices remained flat during the week as the ongoing concern in Libya where production in 2 major oilfields was stopped due to civil protest was counter-balanced by weakening demand from global consumers.
Indian Indices Close Last week Close
Sensex 72,022 72,130
Nifty 21,705 21,731

General News

  • Market will keenly monitor the non farm payroll data coming out from US on the evening of 5th Jan 2024.
  • Inflation numbers for India and the US will be released on 12th Jan and 11th Jan respectively; will keep the market on edge during the week.
Global Indices Close Last week close
DJIA 37,440 37,689
NASDAQ 14,510 15,011
US 10-Y 4 3.86
USD/INR 83.23 83.19
Brent (USD) 77.9 77

Primary Issues

Issuer Name Ratings Tenor Issue Size +
Open Date Exchange
Data Infra Trust CRISIL AAA 3 Years 320+0 Cr 05-Jan-24 BSE

Top Traded Bonds

The top traded bonds in the Market (Standard) lot during the week (1st-5th Jan) are listed below:

ISIN Security Name Volume (Cr) Avg. yield %
INE01XX07026 8.9508 PIPELINE INFRA LTD 22MAR24 3,700.00 7.57
INE261F08CK9 5.14 NABARD 31JAN24 1,455.00 7.26
INE261F08DD2 5.27 NABARD 29APR24 1,330.00 7.75
INE556F08KM1 7.79 SIDBI 14MAY27 1,025.00 7.78

The top traded bonds in the Odd lot during the week (1st-5th Jan) are listed below:

ISIN Security Name Volume (Cr) Avg. yield %
INE515Q08242 12.25 ANNAPURNA FINANCE PVT LTD 07SEP29 25.39 12.67
INE296G07135 10.00 MUTHOOT CAPITAL 28DEC26 24.60 9.77
INE342T07429 10.25 NAVI FINSERV LTD 31DEC26 20.98 11.02
INE572J07653 10.11 SPANDANA SPHOORTY FIN LTD 18DEC25 19.62 11.41