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The Indian government bonds strengthened on Monday as investors speculated that the United States Federal Reserve Bank will not hike the Fed funds rate until December policy meeting after reading weaker than expected second-quarter gross domestic product data.
The benchmark 10-year bond yield, which moves inversely to its price, fell 3-1/2 basis points to 7.128 percent, the yield on super-long 30-year bonds dipped 5-1/2 basis points to 7.331 percent and the short-term 2-year note yield slid 2 basis points to 6.853 percent by 07:30 GMT.
The advance second-quarter US GDP reading increased +1.2 percent, well below market expectations for a +2.6 percent result, as compared to the revised +0.8 percent reading seen in the first quarter of 2016 (previous was +1.1 percent).
Alongside the weaker than expected headline result, this report clearly reflects the mixed tone of data seen throughout the quarter. Given the magnitude of the inventories decline seen in the advance release, we see this potentially signalling positive momentum on this front in 2H16.
According to Reuters, Indian parliament’s upper house is likely to discuss on August 2 a constitutional amendment bill for the long-pending Goods and Services Tax. Last week, the federal cabinet approved some key revisions to the constitutional amendment bill to help secure broader political support for the long-stalled tax legislation. The GST legislation is currently pending approval of the parliament’s upper house, where the ruling Bharatiya Janata Party lacks a majority.
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.
Meanwhile, the Sensex fell 0.29 percent or 81.30 points to 27,977.80 and Nifty-50 futures trading 0.22 percent lower or 19.65 points at 8,671.75 by 07:50 GMT.
