India's 10-year bond logs best day in over a week on oil relief
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Listen to this article in summarized format The 6.94% 2036 bond yield fell 3.8 basis points to 6.7139%, sliding the most in a day since July 2. It ended little changed week-on-week. Bond yields move inversely to prices. Demand at a 320 billion rupee ($3.36 billion) sale was strong, including for a 40-year note. Traders said the cutoffs showed investors were willing to add duration risk, especially with foreign demand intact. Power Finance Corporation, a state-run entity, has triumphantly secured USD 300 million via bonds that feature floating interest rates. Following the guidelines set by the RBI, these Notes are set to mature in July 2029 and will provide payments in US Dollars. They are scheduled for listing on NSE IFSC and India INX, marking a significant financial achievement. "Foreign flows and the auction result have given bonds a near-term cushion, but traders will stay alert to U.S.-Iran war and monsoon risks," a private-bank trader said. "A Bloomberg inclusion announcement could decide whether the rally extends." Overseas investors have bought nearly $4 billion of Indian bonds since early June, after policy measures to support inflows have raised expectations of India's inclusion in Bloomberg's Global Aggregate Index. A decision is expected later this month. Brent crude came off highs to trade at about $76 per barrel but still ended the week 6% higher, keeping inflation and rupee depreciation risks alive for the oil-import-dependent economy. Bank of Baroda said risks to core inflation could intensify as companies pass on higher input costs to consumers against stable demand. Food prices may also rise as El Nino conditions build, worsening the outlook for monsoon showers. India's monsoon deficit has narrowed to 24% as rainfall picked up across most regions. The country's June inflation print is due on Monday. RATES India's overnight index swap rates fell as foreign demand and stabilising oil prices spurred receiving of fixed rates. The one-year and two-year OIS rates both fell 4.25 bps to 5.77% and 5.9175%, respectively, while the five-year swap eased 3.5 bps to 6.17%. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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