Informist, Friday, Feb 3, 2023

By Kasthuri Akhil

MUMBAI - Prices of government bonds ended higher, tracking a fall in overnight indexed swap rates, dealers said. Market sentiment remained positive after it digested the result of the 280-bln-rupee gilt auction that was along the expected lines, dealers said. 

The 10-year benchmark 7.26%, 2032, bond ended at 99.88 rupees, or 7.28% yield, against 99.75 rupees, or 7.30% on Thursday. The five-year OIS rate fell to 6.13%, the day's low, from 6.16% on Thursday. The one-year swap rate also fell to the day's low of 6.61% from 6.65% on Thursday.

The demand at the auction was firm, especially for the new 10-year, 2033, bond that will soon become on-the-run security. The coupon on the new 10-year, 2033, paper was set at 7.26%, along the expected lines. The cut-off price on the 2027 paper was set at 100.86 rupees, and that on the 2052 paper was set at 99.49 rupees. 

State-owned banks and mutual funds were the major participants that bid for the five-year paper at the auction. Moreover, despite uncertainty in the market around the demand for the 2052 paper after new tax norms were proposed for life insurance policies in the Union Budget, insurance companies still favoured the long-term paper at the auction, dealers said.  

In the Union Budget for 2023-24 (Apr-Mar), Finance Minister Nirmala Sitharaman had proposed to tax income from life insurance policies, other than unit-linked insurance plans, with a premium or aggregate premium exceeding 500,000 rupees a year. The proposed provision will only apply to policies issued on or after Apr 1. "We have been hearing that not just in G-sec, but in state loan auction too, there will be less demand from insurers," a dealer at a private bank said. "The yields for longer-term securities will be higher."

After trading in a thin band, once the auction result was released, prices ended where they had opened in early trade as traders received fixed rates in the swap market, which pushed the bond prices up.

Prices were up early in the day, tracking a fall in US Treasury yields. The yield on the benchmark 10-year US Treasury note fell to 3.37% during the day from 3.42% at the end of Indian market hours on Thursday. A fall in US Treasury yields widens the interest rate differential between the safe-haven asset and emerging market debt, making the latter more appealing to foreign investors.

The overall market sentiment remained upbeat after the government announced a lower-than-expected market borrowing for 2023-24 (Apr-Mar). The Budget pegged the gross market borrowing at 15.43 trln rupees through the sale of dated securities, as against an Informist poll estimate of 15.8 trln rupees.

The US Federal Reserve's rate hike of 25 basis points was also on expected lines. However, the uncertainty regarding the rate-hike cycle peaking prompted traders to bid at prices lower than the secondary market at the 280-bln-rupee auction, dealers said. Following the US Federal Open Market Committee's rate decision, US Fed Chairman Jerome Powell said it was too soon to declare victory against inflation, setting the stage for another rate hike at the committee's next meeting in March.

Domestically, traders speculate that if the US rate-setting panel goes for another rate hike, it may influence the Reserve Bank of India Monetary Policy Committee's decision too, dealers said. Most dealers expect a repo rate hike of 25 bps on Wednesday, but what they keenly look forward to are comments from RBI Governor Shaktikanta Das that will guide the market on future course of rate hikes, dealers said.

According to data on the RBI's Negotiated Dealing System--Order Matching platform--the turnover was 337.40 bln rupees, compared with 488.40 bln rupees on Thursday.

Meanwhile, trades aggregating 150 mln rupees were settled with the digital rupee pilot in three deals today, compared with 550 mln rupees in 11 deals on Thursday.

NEW 10-YEAR BOND

The coupon on the 2033 bond was set just 2 bps lower than the then prevailing yield on the existing 10-year benchmark bond. Some traders had already expected this as the coupon on any new security is generally set a tad lower than the current yield on the corresponding bond in the secondary market, dealers said.

Dealers also said the spread between the new coupon and the yield on the on-the-run gilt has reduced of late in comparison to few years ago, due to more number of issuances of gilts of similar maturity within a year in the secondary market. "Market was ready for the new bond, the cut-off was so close to the market expectation," a dealer at a primary dealership said.

After the auction, the 7.26%, 2033 gilt ended at 100.06 rupees or 7.2515% yield today.

OUTLOOK

Gilts are not traded on Saturdays.

On Monday, bond prices are seen opening steady as traders may stay on the sidelines awaiting the outcome of the Monetary Policy Committee's three-day meeting, which will start on Monday, dealers said.

Traders may take cues from overnight movement in US Treasury yields and crude oil prices.

The yield on the 10-year benchmark 7.26%, 2032 bond is seen at 7.24-7.32%.

India Gilts: Off highs; in line with 280-bln-rupee auction cut-offs

MUMBAI--1435 IST--Government bond prices were off-highs after the release of the 280-bln-rupee gilt auction result. The prices moved in tandem with the cut-off prices on the bonds at the auction, dealers said.

The coupon on the new 10-year, 2033 paper was set at 7.26%, along the expected lines. Traders placed aggressive bids on the 10-year, 2033 paper as it would soon replace the on-the-run 10-year, 2032 paper, dealers said.

The 7.26%, 2033 bond was dealt at 100.02 rupees or 7.26% yield in the secondary market.

"Post-auction, there doesn't seem to be any negative factors. Cut-offs are largely in line with expectations," a dealer at a state-owned bank said. "Market isn't seen moving much. After so many volatile sessions, few calmer sessions are required."

Prior to the auction, market appetite for the 2052 bond was in doubt after the Union Budget for 2023-24 (Apr-Mar) proposed a tax tweak that was likely to reduce collections for insurance companies and their demand for dated securities, dealers said.

In the Union Budget for 2023-24 (Apr-Mar), Finance Minister Nirmala Sitharaman has proposed to tax income from life insurance policies, other than unit-linked insurance plans, with a premium or aggregate premium exceeding 500,000 rupees a year.

However, the proposed provision will only apply to policies issued on or after Apr 1. While the market was slightly troubled by the new policy, insurers still favoured the 2052 bond at the auction and demand from the companies would likely continue until the end of the current financial year, dealers said.

Meanwhile, traders speculated that demand for the 7.38%, 2027 paper was from mutual funds and state-owned banks. However, the uncertainty regarding the rate-hike cycle peaking prompted traders to bid at prices lower than the secondary market, dealers said. 

Following the US Federal Open Market Committee's rate decision, US Fed Chair Jerome Powell said it was too soon to declare victory against inflation, setting the stage for another rate hike at the committee's next meeting in March.

Domestically, traders speculate if the US rate-setting panel goes for another rate hike, it may influence the Reserve Bank of India Monetary Policy Committee's decision too, dealers said. The domestic rate-setting panel is scheduled to meet on Monday for a three-day meeting.

According to data on the Reserve Bank of India's Negotiated Dealing System--Order Matching platform--the market-wide turnover was 249.40 bln rupees at 1435 IST, compared with 405.30 bln rupees at 1430 IST on Thursday.

For the rest of the day, the yield on the 10-year benchmark 7.26%, 2032 bond, is seen at 7.24-7.33%. (Nishat Anjum)

India Gilts:Remain up on fall in US ylds; weekly auction result eyed

India Gilts: Remain up on fall in US ylds; weekly auction result eyed

MUMBAI--1200 IST--Government bond prices remained higher tracking a fall in US Treasury yields, dealers said. The rise in five-, and 10-year benchmark papers was limited as traders avoided placing large bets on these papers, awaiting the result of the 280-bln-rupee gilt auction. 

The yield on the benchmark 10-year US Treasury note fell to 3.38% from 3.42% at the end of Indian market hours on Thursday. A fall in US Treasury yields widens the interest rate differential between the safe-haven asset and emerging market debt, making the latter more appealing to foreign investors.

Traders expected the auction to sail through seamlessly due to firm demand, especially for the new 10-year, 2033 paper as the existing 2032 bond will soon become an off-the-run security, dealers said. The government looked to raise 70 bln rupees of the 7.38%, 2027 bond; 120 bln rupees of a new 2033 bond, and 90 bln rupees of the 7.36%, 2052 bond at the auction from 1030 to 1130 IST. 

"Five-year paper might see some tail as people would prefer the new 10-year bond," a dealer at a state-owned bank said. "Also, there is no surety about the rate-hike cycle peaking, which is weighing on the short-term paper."

The coupon on the new 2033 gilt was seen at 7.27%, according to an Informist poll of 13 bond dealers. Further, the cut-off price on the 7.38%, 2027 bond was seen at 100.83 rupees, and on the 7.36%, 2052 bond at 99.51 rupees, in the poll.

According to data on the Reserve Bank of India's Negotiated Dealing System--Order Matching platform--the market-wide turnover was 140.10 bln rupees at 1200 IST, compared with 267.05 bln rupees at 1150 IST on Thursday.

For the rest of the day, the yield on the 10-year benchmark 7.26%, 2032 bond, is seen at 7.24-7.33%. (Kasthuri Akhil)

India Gilts: Rise; traders eye coupon on new 10-year bond at auction

MUMBAI--1000 IST--Prices of government bonds rose amid choppy trade due to a fall in US Treasury yields on Thursday. Traders await the new 10-year, 2033 bond that is to be issued at the weekly auction later today, dealers said 

Traders did not place large bets on caution ahead of the 280-bln-rupee auction, dealers said. Demand at the auction is expected to be firm, especially for the new 10-year 2033 bond, dealers said. The government will sell 70 bln rupees of the 7.38%, 2027 bond; 120 bln rupees of a new 2033 bond, and 90 bln rupees of the 7.36%, 2052 bond at the auction from 1030 to 1130 IST. 

"There isn't much scope for shorting in the 10-year (2032) paper before the auction. There is nothing meaningful in the slight rise in prices at the moment, it is mostly reflective of the fall in US yields," a dealer at a private bank said. The yield on the benchmark 10-year US Treasury note fell to 3.37% in Asian trade from 3.42% at the end of Indian market hours on Thursday. 

Some dealers said the state-owned banks may particularly contribute to the firm demand at the auction as they sold their bond holdings the most in the past two days and subsequently may look to cover them at the auction.

Traders keenly eyed the coupon on the new 10-year 2033 paper which will soon replace the on-the-run 10-year 2032 bond. Some dealers also said, traders were willing to trim their holding of the 7.26%, 2032 bond that will become illiquid in three months' time. This will result in strong market sentiment for the new paper at the auction.

Some traders expected the Reserve Bank of India to set the coupon on the new bond at 7.28-7.29% as the coupon on any new security is generally set a tad lower than the current yield on the corresponding bond in the secondary market, dealers said. The new 10-year, 2033 gilt was quoted at 7.24-7.28% in "when-issued trade".

According to data on the Reserve Bank of India's Negotiated Dealing System--Order Matching platform--the market-wide turnover was 54.65 bln rupees at 1000 IST, compared with 150.65 bln rupees at 0950 IST on Thursday.

During the day, the yield on the 10-year benchmark 7.26%, 2032 bond, is seen at 7.24-7.33%.  (Kasthuri Akhil)

India Gilts: Seen opening steady on caution ahead of weekly auction

MUMBAI – Prices of government bonds are seen opening steady today as traders may maintain caution ahead of the 280-bln-rupee auction. Traders expected the demand at the auction to be firm, especially for the new 10-year 2033 paper, dealers said. 

Today, the yield on the 10-year benchmark 7.26%, 2032 bond is seen at 7.26-7.34% as against 7.30% on Thursday.

The government will sell 70 bln rupees of the 7.38%, 2027 bond; 120 bln rupees of a new 2033 bond, and 90 bln rupees of the 7.36%, 2052 bond at the auction from 1030 IST to 1130 IST. Some traders expected the coupon on the new 10-year 2033 paper to be set higher at the auction than the on-the-run 10-year 2032 paper, given the significant number of 2032 bonds were sold on Thursday that had pushed the yield higher, dealers said.

Some dealers said the state-owned banks may particularly contribute to the firm demand at the auction as they sold their bond holdings the most in the past two days and subsequently may look to cover them at the auction.

Market sentiment remains upbeat after the government announced a lower-than-expected market borrowing for 2023-24 (Apr-Mar) and the US Federal Reserve's rate hike of 25 basis points was on expected lines. The Budget pegged the gross market borrowing at 15.43 trln rupees through the sale of dated securities, as against an Informist poll estimate of 15.8 trln rupees. (Kasthuri Akhil)

End

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

Edited by Manisha Baxla

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2023. All rights reserved.

Informist, Friday, Feb 3, 2023

By Kasthuri Akhil

MUMBAI - Prices of government bonds ended higher, tracking a fall in overnight indexed swap rates, dealers said. Market sentiment remained positive after it digested the result of the 280-bln-rupee gilt auction that was along the expected lines, dealers said. 

The 10-year benchmark 7.26%, 2032, bond ended at 99.88 rupees, or 7.28% yield, against 99.75 rupees, or 7.30% on Thursday. The five-year OIS rate fell to 6.13%, the day's low, from 6.16% on Thursday. The one-year swap rate also fell to the day's low of 6.61% from 6.65% on Thursday.

The demand at the auction was firm, especially for the new 10-year, 2033, bond that will soon become on-the-run security. The coupon on the new 10-year, 2033, paper was set at 7.26%, along the expected lines. The cut-off price on the 2027 paper was set at 100.86 rupees, and that on the 2052 paper was set at 99.49 rupees. 

State-owned banks and mutual funds were the major participants that bid for the five-year paper at the auction. Moreover, despite uncertainty in the market around the demand for the 2052 paper after new tax norms were proposed for life insurance policies in the Union Budget, insurance companies still favoured the long-term paper at the auction, dealers said.  

In the Union Budget for 2023-24 (Apr-Mar), Finance Minister Nirmala Sitharaman had proposed to tax income from life insurance policies, other than unit-linked insurance plans, with a premium or aggregate premium exceeding 500,000 rupees a year. The proposed provision will only apply to policies issued on or after Apr 1. "We have been hearing that not just in G-sec, but in state loan auction too, there will be less demand from insurers," a dealer at a private bank said. "The yields for longer-term securities will be higher."

After trading in a thin band, once the auction result was released, prices ended where they had opened in early trade as traders received fixed rates in the swap market, which pushed the bond prices up.

Prices were up early in the day, tracking a fall in US Treasury yields. The yield on the benchmark 10-year US Treasury note fell to 3.37% during the day from 3.42% at the end of Indian market hours on Thursday. A fall in US Treasury yields widens the interest rate differential between the safe-haven asset and emerging market debt, making the latter more appealing to foreign investors.

The overall market sentiment remained upbeat after the government announced a lower-than-expected market borrowing for 2023-24 (Apr-Mar). The Budget pegged the gross market borrowing at 15.43 trln rupees through the sale of dated securities, as against an Informist poll estimate of 15.8 trln rupees.

The US Federal Reserve's rate hike of 25 basis points was also on expected lines. However, the uncertainty regarding the rate-hike cycle peaking prompted traders to bid at prices lower than the secondary market at the 280-bln-rupee auction, dealers said. Following the US Federal Open Market Committee's rate decision, US Fed Chairman Jerome Powell said it was too soon to declare victory against inflation, setting the stage for another rate hike at the committee's next meeting in March.

Domestically, traders speculate that if the US rate-setting panel goes for another rate hike, it may influence the Reserve Bank of India Monetary Policy Committee's decision too, dealers said. Most dealers expect a repo rate hike of 25 bps on Wednesday, but what they keenly look forward to are comments from RBI Governor Shaktikanta Das that will guide the market on future course of rate hikes, dealers said.

According to data on the RBI's Negotiated Dealing System--Order Matching platform--the turnover was 337.40 bln rupees, compared with 488.40 bln rupees on Thursday.

Meanwhile, trades aggregating 150 mln rupees were settled with the digital rupee pilot in three deals today, compared with 550 mln rupees in 11 deals on Thursday.

NEW 10-YEAR BOND

The coupon on the 2033 bond was set just 2 bps lower than the then prevailing yield on the existing 10-year benchmark bond. Some traders had already expected this as the coupon on any new security is generally set a tad lower than the current yield on the corresponding bond in the secondary market, dealers said.

Dealers also said the spread between the new coupon and the yield on the on-the-run gilt has reduced of late in comparison to few years ago, due to more number of issuances of gilts of similar maturity within a year in the secondary market. "Market was ready for the new bond, the cut-off was so close to the market expectation," a dealer at a primary dealership said.

After the auction, the 7.26%, 2033 gilt ended at 100.06 rupees or 7.2515% yield today.

OUTLOOK

Gilts are not traded on Saturdays.

On Monday, bond prices are seen opening steady as traders may stay on the sidelines awaiting the outcome of the Monetary Policy Committee's three-day meeting, which will start on Monday, dealers said.

Traders may take cues from overnight movement in US Treasury yields and crude oil prices.

The yield on the 10-year benchmark 7.26%, 2032 bond is seen at 7.24-7.32%.

India Gilts: Off highs; in line with 280-bln-rupee auction cut-offs

MUMBAI--1435 IST--Government bond prices were off-highs after the release of the 280-bln-rupee gilt auction result. The prices moved in tandem with the cut-off prices on the bonds at the auction, dealers said.

The coupon on the new 10-year, 2033 paper was set at 7.26%, along the expected lines. Traders placed aggressive bids on the 10-year, 2033 paper as it would soon replace the on-the-run 10-year, 2032 paper, dealers said.

The 7.26%, 2033 bond was dealt at 100.02 rupees or 7.26% yield in the secondary market.

"Post-auction, there doesn't seem to be any negative factors. Cut-offs are largely in line with expectations," a dealer at a state-owned bank said. "Market isn't seen moving much. After so many volatile sessions, few calmer sessions are required."

Prior to the auction, market appetite for the 2052 bond was in doubt after the Union Budget for 2023-24 (Apr-Mar) proposed a tax tweak that was likely to reduce collections for insurance companies and their demand for dated securities, dealers said.

In the Union Budget for 2023-24 (Apr-Mar), Finance Minister Nirmala Sitharaman has proposed to tax income from life insurance policies, other than unit-linked insurance plans, with a premium or aggregate premium exceeding 500,000 rupees a year.

However, the proposed provision will only apply to policies issued on or after Apr 1. While the market was slightly troubled by the new policy, insurers still favoured the 2052 bond at the auction and demand from the companies would likely continue until the end of the current financial year, dealers said.

Meanwhile, traders speculated that demand for the 7.38%, 2027 paper was from mutual funds and state-owned banks. However, the uncertainty regarding the rate-hike cycle peaking prompted traders to bid at prices lower than the secondary market, dealers said. 

Following the US Federal Open Market Committee's rate decision, US Fed Chair Jerome Powell said it was too soon to declare victory against inflation, setting the stage for another rate hike at the committee's next meeting in March.

Domestically, traders speculate if the US rate-setting panel goes for another rate hike, it may influence the Reserve Bank of India Monetary Policy Committee's decision too, dealers said. The domestic rate-setting panel is scheduled to meet on Monday for a three-day meeting.

According to data on the Reserve Bank of India's Negotiated Dealing System--Order Matching platform--the market-wide turnover was 249.40 bln rupees at 1435 IST, compared with 405.30 bln rupees at 1430 IST on Thursday.

For the rest of the day, the yield on the 10-year benchmark 7.26%, 2032 bond, is seen at 7.24-7.33%. (Nishat Anjum)

India Gilts:Remain up on fall in US ylds; weekly auction result eyed

India Gilts: Remain up on fall in US ylds; weekly auction result eyed

MUMBAI--1200 IST--Government bond prices remained higher tracking a fall in US Treasury yields, dealers said. The rise in five-, and 10-year benchmark papers was limited as traders avoided placing large bets on these papers, awaiting the result of the 280-bln-rupee gilt auction. 

The yield on the benchmark 10-year US Treasury note fell to 3.38% from 3.42% at the end of Indian market hours on Thursday. A fall in US Treasury yields widens the interest rate differential between the safe-haven asset and emerging market debt, making the latter more appealing to foreign investors.

Traders expected the auction to sail through seamlessly due to firm demand, especially for the new 10-year, 2033 paper as the existing 2032 bond will soon become an off-the-run security, dealers said. The government looked to raise 70 bln rupees of the 7.38%, 2027 bond; 120 bln rupees of a new 2033 bond, and 90 bln rupees of the 7.36%, 2052 bond at the auction from 1030 to 1130 IST. 

"Five-year paper might see some tail as people would prefer the new 10-year bond," a dealer at a state-owned bank said. "Also, there is no surety about the rate-hike cycle peaking, which is weighing on the short-term paper."

The coupon on the new 2033 gilt was seen at 7.27%, according to an Informist poll of 13 bond dealers. Further, the cut-off price on the 7.38%, 2027 bond was seen at 100.83 rupees, and on the 7.36%, 2052 bond at 99.51 rupees, in the poll.

According to data on the Reserve Bank of India's Negotiated Dealing System--Order Matching platform--the market-wide turnover was 140.10 bln rupees at 1200 IST, compared with 267.05 bln rupees at 1150 IST on Thursday.

For the rest of the day, the yield on the 10-year benchmark 7.26%, 2032 bond, is seen at 7.24-7.33%. (Kasthuri Akhil)

India Gilts: Rise; traders eye coupon on new 10-year bond at auction

MUMBAI--1000 IST--Prices of government bonds rose amid choppy trade due to a fall in US Treasury yields on Thursday. Traders await the new 10-year, 2033 bond that is to be issued at the weekly auction later today, dealers said 

Traders did not place large bets on caution ahead of the 280-bln-rupee auction, dealers said. Demand at the auction is expected to be firm, especially for the new 10-year 2033 bond, dealers said. The government will sell 70 bln rupees of the 7.38%, 2027 bond; 120 bln rupees of a new 2033 bond, and 90 bln rupees of the 7.36%, 2052 bond at the auction from 1030 to 1130 IST. 

"There isn't much scope for shorting in the 10-year (2032) paper before the auction. There is nothing meaningful in the slight rise in prices at the moment, it is mostly reflective of the fall in US yields," a dealer at a private bank said. The yield on the benchmark 10-year US Treasury note fell to 3.37% in Asian trade from 3.42% at the end of Indian market hours on Thursday. 

Some dealers said the state-owned banks may particularly contribute to the firm demand at the auction as they sold their bond holdings the most in the past two days and subsequently may look to cover them at the auction.

Traders keenly eyed the coupon on the new 10-year 2033 paper which will soon replace the on-the-run 10-year 2032 bond. Some dealers also said, traders were willing to trim their holding of the 7.26%, 2032 bond that will become illiquid in three months' time. This will result in strong market sentiment for the new paper at the auction.

Some traders expected the Reserve Bank of India to set the coupon on the new bond at 7.28-7.29% as the coupon on any new security is generally set a tad lower than the current yield on the corresponding bond in the secondary market, dealers said. The new 10-year, 2033 gilt was quoted at 7.24-7.28% in "when-issued trade".

According to data on the Reserve Bank of India's Negotiated Dealing System--Order Matching platform--the market-wide turnover was 54.65 bln rupees at 1000 IST, compared with 150.65 bln rupees at 0950 IST on Thursday.

During the day, the yield on the 10-year benchmark 7.26%, 2032 bond, is seen at 7.24-7.33%.  (Kasthuri Akhil)

India Gilts: Seen opening steady on caution ahead of weekly auction

MUMBAI – Prices of government bonds are seen opening steady today as traders may maintain caution ahead of the 280-bln-rupee auction. Traders expected the demand at the auction to be firm, especially for the new 10-year 2033 paper, dealers said. 

Today, the yield on the 10-year benchmark 7.26%, 2032 bond is seen at 7.26-7.34% as against 7.30% on Thursday.

The government will sell 70 bln rupees of the 7.38%, 2027 bond; 120 bln rupees of a new 2033 bond, and 90 bln rupees of the 7.36%, 2052 bond at the auction from 1030 IST to 1130 IST. Some traders expected the coupon on the new 10-year 2033 paper to be set higher at the auction than the on-the-run 10-year 2032 paper, given the significant number of 2032 bonds were sold on Thursday that had pushed the yield higher, dealers said.

Some dealers said the state-owned banks may particularly contribute to the firm demand at the auction as they sold their bond holdings the most in the past two days and subsequently may look to cover them at the auction.

Market sentiment remains upbeat after the government announced a lower-than-expected market borrowing for 2023-24 (Apr-Mar) and the US Federal Reserve's rate hike of 25 basis points was on expected lines. The Budget pegged the gross market borrowing at 15.43 trln rupees through the sale of dated securities, as against an Informist poll estimate of 15.8 trln rupees. (Kasthuri Akhil)

End

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

Edited by Manisha Baxla

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2023. All rights reserved.