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Tuesday, Aug 08, 2006

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Bonds rise as US yields ease

Our Bureau

Mumbai, Aug. 7

Bond prices rose as US yields came down because of the non-farm payroll data, which showed that there was not much growth in jobs. This could perhaps lead to a pause in the rate hikes by the US Federal Reserve, said analysts.

Domestic bond prices gained by 20-25 paise on Monday.

A dealer with a private bank said the bond market was stable, but market participants are waiting for the auction to be held on Tuesday.

The 7.59 per cent-10 year-2016 paper opened at Rs 95.6 (8.26 per cent YTM), touched a high of Rs 95.79 and closed at Rs 95.62 (8.25 per cent), higher than the previous close of Rs 95.42 (8.28 per cent YTM). The 7.55 per cent-4 year-2010 paper opened at Rs 99.52 and closed at Rs 99.48 (7.71 per cent) against the previous close of Rs 99.45 (7.71 per cent YTM). On the domestic front, inflation figures and the government securities auction would drive the yields, the dealer said.

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