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Informist, Thursday, Apr. 30, 2026

By Nandini Sinha

MUMBAI – Yields on corporate bonds ended higher Thursday as mutual funds sold papers due to month-end redemption pressure, dealers said. The rise in government bond yields and crude oil prices in early trade also kept corporate bond yields firm, dealers said. However, the yields ended off their highs, tracking the moderation in government bond yields and crude oil prices in the second half of the day.     

Brent crude oil prices eased during the second half Thursday after rising to a four-year high during the day. At 1700 IST, June Brent crude oil futures were at $114.93, sharply down from the day's high of $126.41. The yield on the 10-year benchmark government ended at 7.01% after rising to a high of 7.07% during the day.

In the secondary market, rates on three-year bonds of the National Bank for Agriculture and Rural Development were 7.60-7.65%, up from 7.58-7.63% Wednesday, while yields on five-year and 10-year bonds were largely steady at 7.65-7.68% and 7.70-7.75%, respectively. Papers with maturities of up to five years were traded the most.

At 1500 IST, deals aggregating INR 54.81 billion were recorded in the secondary market on the National Stock Exchange and BSE combined Thursday, up from INR 47.24 billion Wednesday. Papers issued by Indiabulls Housing Finance, Adani Enterprises, Spandana Sphoorty Financial, Kerala Infrastructure Investment Fund Board, and Andhra Pradesh State Beverages Corp. were the most actively traded Thursday. 

Market participants expect the rates on corporate bonds to remain elevated Monday, with an upward bias. "It depends on what happens in the three days... on what will Trump say or do," a dealer at a private sector bank said.

However, fund managers and dealers expect yields to fall 15-20 basis points later in May, driven by a likely increase in the banking system's liquidity surplus. "We are expecting RBI's dividend in May, and government spending will also start, which will pull down yields," a fund manager at a domestic mutual fund house said. 

BENCHMARK LEVELS FOR CORPORATE BONDS:

End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

With inputs from J. Navya Sruthi
Edited by Saji George Titus

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