India bonds steady as traders await fresh triggers
barely moved in early deals on Monday, as traders stayed pat in the absence of any fresh domestic and global cues.
The yield on the benchmark 10-year bond was at 6.2926% as of 10:10 a.m. IST compared with Friday's close of 6.2947%.
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Trading volumes were muted at the start of the week, but investors will keep a watch on U.S. Treasury peers, which inched lower in Asian hours.
The 10-year U.S. yield was at 4.3319%, slightly lower following Thursday's rise, after data showed the U.S. created more jobs than expected in June.
Brent crude futures lost 0.72% to $67.86 per barrel.
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"
Foreign investors
have been buying Indian bonds lately, so we are closely watching that for further direction," a trader at a primary dealership said.
"
Public sector banks
have been selling for some time, so someone has to absorb that, and if foreign investors continue purchasing, we can see some rally in bonds."
Still, bonds should trade in a range, with the 10-year yield bound between 6.28%-6.32%, the trader added.
Last week, foreign investors stepped up purchases of Indian government bonds under the
Fully Accessible Route
(FAR).
The investors net bought 87 billion rupees ($1.02 billion) of bonds under FAR during the period, CCIL data showed.
Meanwhile, state-run banks net sold bonds worth about 143 billion rupees last week.
RATES
India's overnight index swap (OIS) rates were little changed in early deals as trading volumes remained muted.
The one-year OIS rate and the two-year OIS rate were not traded yet, while the liquid five-year swap inched lower at 5.67%.
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