Government bond prices declined sharply on fresh selling pressure on high inflation and call rates also eased due to surfeit of liquidity.
The government securities showed bearish trend as the market is waiting for the Reserve Bank of India (RBI) to announce the rise in interest rates in the month-end meeting due to high inflation that touched a two-year high.
The 7.59 per government security maturing in 2016 dropped to Rs 98.00/05 from Rs 98.58/64 previously while its yield rose to 7.90 per cent from 7.79.
The 9.39 per government stock maturing in 2011 moved down to 105.80/106.00 from 106.11/20 and its yield shot up to 7.82 per cent from 7.72 per cent the 8.07 per cent government security fell to Rs 101.12/17 from 101.75/84 and yield moved up to 7.90 per cent from 7.81 per cent.
On the overnight call money market, call rates moved in a range of 7.90 per cent and 8.00 per cent before ending at 7.90 per cent from 8.00 per cent last weekend.
The Reserve Bank of India (RBI), under the Liquidity Adjustment Facility (LAF), infused Rs 5,465 crore in 14 bids at the one-day repo auction at 7.25 per cent and absorbed Rs 150 crore in two bids at the one-day reverse repo auction at 6.00 per cent in the morning.
RBI also absorbed Rs 8,995 crore in 17 bids at the one-day repo auction at 7.25 per cent and Rs 95 crore in three bids at the one-day repo reverse repo auction at 6.00 per cent under second LAF.
Indo-Australia committed to resolve agri-trade issues
Publish Date : 3/3/2007 7:21:00 AM
The agri-trade has become a very contentious issue in the World Trade Organisation (WTO), but India and Australia have agreed to resolve issues coming in the way of trade in agricultural goods by setting up a mechanism.
RBI to absorb more liquidity to contain inflation
Publish Date : 3/3/2007 7:11:00 AM
In a bid to further contain inflation, Reserve Bank of India today announced a modified market stabilisation scheme (MSS) and liquidity adjustment facility (LAF) to suck out Rs 11,500 crore from the system.
Gold and Silver prices turn distinctly weak
Publish Date : 3/3/2007 7:03:00 AM
Both the precious metals today turned distinctly weak on the bullion market as silver plunged by Rs 570 and gold by Rs 155 on heavy stockists offerings tiggered by sharp fall in the global markets.
Further fall in gold and silver prices
Publish Date : 3/2/2007 7:06:00 AM
Both the precious metals continued to decline on the bullion market here today on sustained offering from stockists in view of fall in the international markets.
Rupee ends marginally up at 44.26/27 a dollar
Publish Date : 3/2/2007 7:03:00 AM
The rupee today ended marginally higher at Rs 44.26/27 a dollar, supported by a smart recovery on equity markets coupled with fresh exporters' dollar sales.
Hyundai domestic sales up 74 pc in Feb
Publish Date : 3/2/2007 7:01:00 AM
Hyundai Motor India today reported a 74 per cent increase in its domestic vehicle sales during February at 15,459 units compared to the same month last year.
Hutchison Telecom files caveat fearing legal move by Essar
Publish Date : 3/2/2007 6:59:00 AM
Hong Kong-based Hutchison Telecom has filed a caveat before the Bombay High Court to ensure that its plea is heard in case Essar moves the court, challenging the the foreign partner's decision to sell stake to Vodafone.
Skoda slashes car prices up to Rs 24,000
Publish Date : 3/2/2007 6:56:00 AM
As car makers Maruti and Hyundai announced a hike in prices, luxury car maker Skoda Auto today slashed prices across all models by up to Rs 24,000 citing reduction in customs duty on imported car parts in the Budget.
Bond prices continue to decline
Publish Date : 3/1/2007 8:30:00 AM
Government bond prices continued to decline on persistent selling while call rates eased in view of ample liqudity in the system.
India should be more conscious of global developments: RBI
Publish Date : 3/1/2007 8:19:00 AM
The Reserve Bank of India today said the steep fall in Indian stock markets was a contagious effect of plunge in overseas bourses and the country should have strong market and regulatory mechanism to avoid disruption in markets.
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