Yields on the other two most traded securities also declined. The yield on the five-year government bond fell by 8 bps, whereas that on the 14-year bond fell by 23 bps during the quarter.
For the full financial year too, bond yields declined for the first time in the past four financial years. The benchmark yield fell by 26 bps over 2023-24 (FY24), against an uptick of 48 bps in 2022-23. The last instance of yield decline was in 201920, with a notable decrease of 121 bps. The yield rose by 3 bps and 67 bps in 2020-21 and 2021-22, respectively. Market participants said that the yields fell in FY24 on the back of foreign inflows and favourable demand-supply dynamics over the year.
In the final quarter of the financial year, liquidity conditions improved in the banking system, and foreign inflows bolstered the debt market, while the US Federal Reserve Committee hinted at three rate cuts in 2024. These factors lifted sentiment in the bond market.
Denne historien er fra March 29, 2024-utgaven av Business Standard.
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Denne historien er fra March 29, 2024-utgaven av Business Standard.
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