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The Indian sovereign bonds slumped Monday ahead of the Reserve Bank of India’s (RBI) auction of 21 days Government of India Cash Management Bills (CMB) under the Market Stabilisation Scheme (MSS) for a notified amount of INR500 billion.
The yield on the benchmark 10-year bonds, which moves inversely to its price, rose nearly 3 basis points to 6.57 percent and the yield on short-term 2-year note bounced 1 basis point to 6.35 percent by 07:00 GMT.
The Reserve Bank of India will conduct an auction of 21 days Government of India Cash Management Bills under the Market Stabilisation Scheme (MSS) for a notified amount of INR500 billion today, December 26, 2016 using "Multiple Price Auction" method.
The bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system between 2.30 pm and 3.00 pm on Monday, December 26, 2016. The result will be announced today.
Lastly, we foresee that bond prices will keep drifting between small gains and losses in quiet trading session. Also, trading activity will resume after New Year celebrations, probably from the second week of January, 2017 as global market receives no more important data till then.
Meanwhile, the benchmark 30-share Sensex is down 0.87 percent to 25,813, while 50-share Nifty traded flat at 8,027.75 at 7:30 GMT.
