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The Indian government bonds strengthened on Thursday as investors speculated that the Federal Reserve will not hike the Fed funds rate until December policy meeting, which boosted demand for safe-haven assets.
The benchmark 10-year bond yield, which moves inversely to its price, fell 3-1/2 basis points to 7.217 percent, the yield on super-long 30-year bonds dipped nearly 5 basis points to 7.446 percent and the short-term 3-year note yield slid 2-1/2 basis point to 6.925 percent by 07:30 GMT.
The Federal Reserve Open Market Committee maintained a hawkish tone at the monetary policy meeting held Wednesday, while keeping the Federal Funds Rate unchanged. However, the Fed’s statement kept hopes alive for a rate cut in the future.
The central bank left the target range for the benchmark federal funds rate unchanged at 0.2-0.50 percent, a level since last December, when rates were hiked for the first time in seven years. The Fed mentioned that mounting risks to the US economy have subsided after the Brexit outcome and the labour market is showing signs of improvement.
The FOMC statement further mentioned that besides the job market, household spending has also started to improve and that economic activity has been expanding at a moderate rate; however, business conditions remain on a soft spree, the committee noted.
While, Fed Chairwoman Janet Yellen has repeatedly mentioned intentions of a gradual Fed rate hike, market volatility and the unexpected dip in job gains have upset the cause.
Moreover, the long awaited Goods and Services Tax (GST) is likely to be passed during the monsoon session of the Parliament which runs till August 12, after having being pending for more than a decade’s time. Near-term positive sentiments could falter if the bill is stalled yet again, delaying its implementation beyond 2017.
In addition, investors also await the announcement of the new RBI chief, which is anticipated to happen in the ongoing monsoon session of the Parliament.
According to Reuters, India will auction 150 billion rupees of four government notes tomorrow, the underwriting fees for which is being set by the Reserve Bank of India today.
Meanwhile, the Sensex rose 0.40 percent or 111.09 points to 28,130 and Nifty-50 futures trading 0.85 percent higher or 74 points at 8,683 by 07:50 GMT.
