Bond yields unchanged post release of 10-months high September WPI data

15 Oct 2012 Evaluate

Pre September WPI data:

Bond yields were trading range-bound with negative bias ahead of the release of the September inflation data. Safe haven bond prices gained momentum tracing a fall in the Brent crude prices and also amid a broad risk off mood ahead of the corporate earnings season.

On the global front, US Treasuries were steady in Asian trade on Monday with yields oscillating near 10-day lows on concern that slower global growth could dent U.S. corporate earnings, despite signs of resilience in the world's largest economy. Meanwhile, Brent futures, falling for a second day, slipped to $114 on Monday, due to worries over the worsening outlook for demand growth, although mounting supply worries over escalating tension in the Middle East kept losses in check.

The yields on 10-year benchmark 8.79% - 2021 were trading 1 basis point lower at 8.16% against its previous close of 8.17%.

The benchmark five-year interest rates were trading 1 basis point lower at 7.00% from its previous close of 7.01%.

The Reserve Bank of India has announced the auction of 91-day and 364-day Government of India Treasury Bills for notified amount of Rs 5,000 crore each. The auctions will be conducted on October 17, 2012 using 'Multiple Price Auction' method.

Post September WPI data:

Limiting the room for an interest-rate cut to revive the economy, the wholesale price index (WPI), India's main inflation gauge, unexpectedly spurted to its 10 months high level at 7.81% for the month of September, as compared to 7.55% (Provisional) for the previous month, but lower than the rate of 10% during the corresponding month of the previous year.

The much awaited figure was worse than the consensus estimates of 7.70%. Build up inflation in the financial year so far was 4.60% compared to a buildup of 4.48% in the corresponding period of the previous year. Moreover, the annual reading for the month of July was revised sharply higher to 7.52% from earlier of 6.87%.

The yields on 10-year benchmark 8.79% - 2021 were trading unchanged at its previous close of 8.17%.

The benchmark five-year interest rates were trading 2 basis points lower at 6.99% from its previous close of 7.01%.

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