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Our Bureau

Mumbai, July 31

Sentiment in the bond market was bearish and prices moved in a range of 20 paise ahead of the auction of government securities paper. Prices opened higher due to US yields touching less than 5 per cent. But this was followed by a sell-off during the rest of trade, said dealers. "The heavy borrowing scheduled over the next two months has given rise to concerns over supply," said a bond dealer with a private bank. The 7.59 per cent 10-year 2016 paper opened at Rs 95.85 (8.22 per cent YTM) and ended at Rs 95.69 (8.24 per cent YTM) against the previous close of Rs 95.61 (8.25 per cent YTM).

The 7.55 per cent five-year 2010 paper opened at Rs 99.65 and ended at 99.55 (7.68 per cent YTM) against the previous close of Rs 99.53 (7.69 per cent YTM). "There is no scope for yields on the 10-year to go below 8.20 unless there is some real good new," said a dealer.

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