Key Points
Indian state-run banks are likely to resume buying government debt next year, after two months of sales, to cash in on attractive prices, especially before they start rising due to firming expectations of rate cuts, traders told Reuters...
These banks, typically the biggest buyers of government debt, have sold bonds worth Rs 14,380 crore ($1.73 billion) on a net basis so far in December, following sales of Rs 8,840 crore in November, clearing house data showed...
That was after they bought Rs 16,500 crore of notes in October, when the central bank said it would start open market bond sales to manage liquidity...
"There was a decent rally in the last couple of months in bonds after the October jump in yields, and this gave a profit booking opportunity," a senior treasury official at a state-run bank said...
Moreover, the central bank is widely expected to start easing policy rates by the middle of the year, which is likely to push yields down further, traders said.. "Benchmark yield should not rise much from current levels," said Vijay Sharma, a senior executive vice president at primary dealership PNB Gilts...
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