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Our Bureau

Mumbai, Aug.1

Bond prices fell by almost 40 paise following the announcement of the Rs 9,000-crore government securities auction on Monday. Dealers said that there was virtually no investor interest in the market and the bearish trend was expected to continue. "Both the US Federal Open Market Committee as well as the domestic auction are scheduled for August 8. The 10-year yields could harden to 8.35-38 per cent after the auction," said a dealer at a private bank. Market participants said that high credit growth meant that banks would not commit funds to debt market. "Banks would rather invest in short term instrument than in g-secs," said a dealer. The 7.59 per cent-10 year-2016 paper opened at Rs 95.40 (8.29 per cent YTM) and closed at Rs 95.36 (8.29 per cent YTM), down from Monday's Rs 95.69 (8.24 per cent YTM). The 9.39 per cent-5 year-2011 paper opened at Rs 105.91 (7.91 per cent YTM) and closed at Rs 105.81 (7.93 per cent YTM).

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