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The Indian government bonds slumped Friday as markets followed an overnight retreat by U.S. Treasuries.
The yield on the benchmark 10-year bonds, which moves inversely to its price, rose more than 1-1/2 basis points to 6.906 percent, the yield on super-long 30-year note also climbed 1-1/2 basis points to 7.211 percent and the yield on short-term 3-year note bounced nearly 1 basis point to 6.573 percent by 07:00 GMT.
Following the global debt market, the U.S’s 10-year yield rose 1-1/2 basis points to to 1.86 percent and the UK’s equivalent touched its highest since the Brexit vote on June 23 to 1.24 percent on strong Q3 GDP.
According to latest Reuters poll, the majority of the economist expects the RBI to cut repo rate by 25 basis points to 6.0 percent in the first quarter of 2017. Also, economy to grow 7.7 percent in fiscal year ending 2017 and CPI forecast to average 5.1 percent in fiscal year 2016/17, as compared to previous 5.4 percent in July poll.
The wholesale prices in India rose during the month of September at a pace slower than what markets had initially anticipated. India’s annual rate of inflation based on wholesale prices eased on a month-on-month basis to 3.57 percent in September from 3.74 percent in August. The annual wholesale inflation during the corresponding period last year stood at -4.59 percent.
After rising for the first time in April following 17 straight months of contraction, the Wholesale Price Index (WPI) has cumulatively risen by 4.28 percent in the current fiscal up to September. Meanwhile, wholesale food prices last month rose 5.75 percent year-on-year, compared with a provisional 8.23 percent gain in August.
Moreover, with India receiving 97 percent rainfall between June and September, the monsoon was "normal" this year, the India Meteorological Department (IMD) said on Thursday.
The Reserve Bank of India in its two-day monetary policy meeting in October, saw newly appointed monetary policy committee (MPC), headed by new governor Urjit Patel announce a rate cut by 25 basis points. All six of the monetary policy committee unanimously voted in favour of the rate cut.
Meanwhile, the Sensex rose 0.04 percent or 11.73 points to 27,927.63 and Nifty-50 futures traded 0.15 percent lower or 12.65 points at 8,644 by 07:10 GMT.
