The Indian government's 10-year bond is currently trading at 7.05%, which represents the lower end of its trading range spanning from 7.05% to 7.12%. Subdued reaction from the market even after the announcement of India's inclusion in the Bloomberg Emerging Market Local Currency Index and associated indices implies that the market had already anticipated this positive news. A decline in the US government's 10Y bond yield after the FED Chairman's speech in Congress also aided minimal decline in the Indian 10Y yield. Market participants speculate that unless the trading range of 7.05% to 7.12% is convincingly broken on either side, the market will likely continue to fluctuate within this range.
Indian Debt
- The interbank call money rate ended at 6.65%
- Indian Government 10Y bond yield remained flat during the week as the market had already discounted news of India's inclusion in the Bloomberg emerging market bond index
- The yield of the 10-year benchmark 7.18% 2033 bond ended at 7.05%
| Debt Market Indicators |
Close |
Last week Close |
| Repo rate |
6.50 |
6.50 |
| 91 Days Tbill |
6.90 |
6.96 |
| 364 Days Tbill |
7.10 |
7.12 |
| 1 Y CP Rate |
7.90 |
8.00 |
| 1 Y CD Rate |
7.70 |
7.80 |
| 5 Y Gilt |
7.04 |
7.05 |
| 5 Y Corp bond |
7.85 |
7.85 |
| 10 Y Gilt |
7.05 |
7.07 |
| 10 Y Corp bond |
7.70 |
7.72 |
Market Trends
- Indian rupee appreciated by 11 paise against the USD due to the weakening dollar index and net inflow in the equity market of 2904crs
- US 10Y moved down by 13bps as the FED chairman's speech to Congress was in line with the market expectations
- Brent traded in the range of 82-83 dollars per barrel as Fed Chair Jerome Powell indicated that he expects rate cuts this year, boosting the outlook for global growth and energy demand
| Indian Indices |
Close |
Last week Close |
| Sensex |
74,104 |
73,021 |
| Nifty |
22,487 |
22,150 |
General News
- Bloomberg Index Services Ltd has announced the inclusion of India's bonds through the fully accessible route in the Bloomberg Emerging Market Local Currency Index and associated indices. This phased inclusion will commence on January 31, 2025 and span 10 months.
- US Fed chairman in his speech to Congress emphasized that the rate cuts will depend on the path of the economy.
| Global Markets |
Close |
Last week close |
| DJIA |
38,661 |
38,996 |
| NASDAQ |
16,031 |
16,091 |
| US 10-Y |
4.12 |
4.25 |
| USD/INR |
82.75 |
82.86 |
| Brent |
83.00 |
82.50 |
Primary Issues
| Issuer Name |
Ratings |
Tenor |
Issue Size +
Green Shoe (in crs) |
Open Date |
Exchange |
| Magnum Ventures |
Acuite C |
42 months |
150+0 |
07-Mar-24 |
BSE |
| Vivriti Capital |
Crisil A+ |
24 months |
25+75 |
07-Mar-24 |
BSE |
Top Traded Bonds
The following are the most actively traded bonds on the Standard Market from 1st Mar to 7th Mar:
| ISIN |
Security Name |
Volume (Cr) |
Avg. Yield (%) |
| INE261F08EG3 |
7.68 NABARD 30APR29 |
1125 |
7.62 |
| INE0J7Q07249 |
7.55 DME 01MAR39 |
626.2 |
7.69 |
| INE936D07075 |
9.75 JUPPL 02AUG24 |
300 |
8.05 |
| INE729N08105 |
9.30 TVS CREDIT 27JUN29 |
300 |
9.24 |
The following are the top-traded odd lot bonds from 1st Mar to 7th Mar:
| ISIN |
Security Name |
Volume (Cr) |
Avg. yield% |
| INE501X07471 |
10.50 AYE FINANCE 25FEB25 |
14.84 |
11.81 |
| INE206D08410 |
7.25 NPC 15DEC27 |
9 |
7.47 |
| INE787H08055 |
7.46 IIFCL 31MAY33 |
8.98 |
7.64 |
| INE157D07EF2 |
10.15 CLIX CAPITAL 12JUL25 |
8.59 |
11.53 |
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