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Informist, Thursday, Nov. 20, 2025

 

By J. Navya Sruthi and Vaishali Tyagi

 

MUMBAI – Secondary market yields on corporate bonds moved in a narrow range Thursday and ended steady for the third consecutive day on a lack of fresh cues in domestic and global markets, dealers said. They said the market is currently focused on need-based trading and added, this scenario is likely to continue till the Reserve Bank of India's Monetary Policy Committee meeting outcome in the first week of December. 

 

Rates will remain steady for the next few days, till there is some clarity from the RBI about a rate cut, a dealer from a financial services company said. "I expect a rate cut as (India's) growth numbers are not likely to be good," the dealer said. The statistics ministry will release the data on GDP growth for the September quarter on Nov. 28. India's real GDP growth was 7.8% and nominal GDP growth was 8.8% in the June quarter, according to the statistics ministry. 

 

"Year-on-year GDP expansion to ease to 7.0% in Q2 FY2026 (Jul-Sept) from 7.8% in Q1 FY2026 (Apr-Jun)," ICRA said in its report Monday. "Further, it projects the growth in the gross value added to record a narrower dip to 7.1% from 7.6%, respectively."

 

Some dealers, however, expect the Monetary Policy Committee to keep the repo rate unchanged in December, as hopes of an interest rate cut in the US fade. According to the CME FedWatch tool, only 41.6% of traders expect a 25-basis-point rate cut by the US Fed in the December meeting, compared with 58.1% a week ago and 98.8% a month ago.

 

In the secondary market, deals aggregating to INR 132 billion were recorded Thursday on the National Stock Exchange and BSE combined, higher than INR 104.00 billion Wednesday. While market activity was tepid, mutual funds and banks were active on both the buying and selling sides and were trading in both short-term and long-tenure bonds, dealers said.

 

Papers issued by Vivriti Capital, Earlysalary Services, REC, HDFC Bank, Vedika Credit Capital, Indian Railway Finance Corp., Krazybee Services, Shri Ram Finance Corp., Akara Capital Advisors, Anand Rathi Global Finance, Indel Money, Keertana Finserv, The Andhra Pradesh Mineral Development Corp., Ambium Finserve, Muthoottu Mini Financiers, LIC Housing Finance, Power Finance Corp., and Hinduja Leyland Finance were traded the most on exchanges Thursday.

 

In the primary market, companies issued bonds worth INR 10.50 billion Thursday, lower than INR 26.00 billion Wednesday. Friday, issuances aggregating to INR 14.98 billion are scheduled. ICICI Securities plans to raise up to INR 5 billion, 360 ONE Prime Ltd. will raise up to INR 1.25 billion, and Shriram Finance will raise up to INR 5 billion Friday. Hinduja Leyland, Capri Global, and Ambium Finserve have also invited bids to raise funds Friday.

 

UDAY BONDS

In the secondary market, two Ujwal DISCOM Assurance Yojana bonds aggregating to INR 52 million were traded, according to data on the RBI's Negotiated Dealing System-Order Matching system Thursday.

 

* INR 50 million of Tamil Nadu's 7.90%, 2027 bond was dealt at 6.3000%

* INR 2 million of Uttar Pradesh's 8.49%, 2028 bond was dealt at 7.1621%

 

BENCHMARK LEVELS FOR CORPORATE BONDS

 

Tenure	Thursday	Wednesday
Three-year	6.74-6.75%	6.72-6.74%
Five-year	6.85-6.86%	6.84-6.86%
10-year	7.15-7.16%	7.14-7.18%

 

End

 

Edited by Deepshikha Bhardwaj

 

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