AIMIN

Nuvama Fixed Income Advisory Report : Bond Vector April-24-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 2bps higher at 6.97% as Brent crude prices continued to rise and was above $105/barrel as the stalemate in West Asia between the US and Iran continued. • Over the day, short bets continued ahead of the weekly bond auction. However, p...

24 April, 2026 21:41:02

Nuvama Fixed Income Advisory Report : Bond Vector April-23-2026

• The 10Y benchmark (6.33 GS 2035) opened 3bp higher at 6.95% tracking the rise in Brent and US Treasury yields. • Over the day, yields stayed afloat as traders placed short bets in the secondary market to make room for fresh supply ahead of tomorrow’s weekly gilts auction. • The weakness in ...

23 April, 2026 21:56:04

Nuvama Fixed Income Advisory Report : Bond Vector April-22-2026

• On Wednesday, the 10Y benchmark (6.33 GS 2035) opened 1bp higher at 6.90% due to a rise in crude oil prices, which remained near the key level of $100/barrel tracking uncertainties around the second round of US-Iran peace talks. • Over the day, yields stayed higher on fears of escalation in th...

22 April, 2026 21:53:48

Nuvama Fixed Income Advisory Report : Bond Vector April-21-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.89% amid uncertainty over the truce between US-Iran. • Over the day, 10Y yield dropped to 6.87% level on optimism about the extension of the ceasefire in the West Asia war. • The state-bond auction witnessed robust demand ...

21 April, 2026 20:09:27

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI Partially Rolls Back FX Curbs

The Reserve Bank of India on Monday rolled back some restrictions on rupee derivative trades that were put in place earlier this month to arrest the currency's slide to record lows. The FX structural changes began with RBI targeting arbitrage trades by capping banks' net open rupee positions to $...

21 April, 2026 16:57:07

Nuvama Fixed Income Advisory Report : Bond Vector April-20-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 1bp higher at 6.91% due to uncertainty over the continuance of the ceasefire in the West Asia war. • Over the day, the 10Y point dropped on short-covering by traders and intraday fall in crude oil prices. • Meanwhile, the government...

20 April, 2026 19:44:19

Nuvama Fixed Income Advisory Report : Monthly Bond Compass March 2026 Edition

•India’s government bond yields climbed sharply in March, with the benchmark yield rising by 37 bps to end at 7.03%. This move was driven by escalating geopolitical tensions from the US–Iran conflict, which heightened concerns around inflation. •The INR weakened to a record low of 95.22/$ by end...

20 April, 2026 13:48:36

Nuvama Fixed Income Advisory Report : Bond Vector April-17-2026

• On Friday, the 10-year benchmark government bond (6.48% GS 2035) opened 2 bps higher at 6.91% tracking rise in crude oil prices. • Over the day, yields hardened to 6.93% as some participants placed short bets ahead of the weekly IGB auction. • However, yields later eased, tracking the decline...

17 April, 2026 19:55:41

Nuvama Fixed Income Advisory Report : Bond Vector April-16-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.87% as on higher risk appetite on signs the war in West Asia could soon come to an end. • Over the day, the 10Y point rose to 6.90% on profit-booking by traders with focus on tomorrow’s weekly bond auction of INR 210 Bln. ...

16 April, 2026 19:24:31

Nuvama Fixed Income Advisory Report : Bond Vector April-15-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 3bps lower at 6.90% tracking a fall in Brent crude oil prices on possibility of another round of peace talks between the US and Iran in the next two days. • However, the 10Y point surged after the India's wholesale inflation for Marc...

15 April, 2026 20:04:30

Nuvama Fixed Income Advisory Report : Bond Vector April-13-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 6bps higher at 6.97% tracking the rise in Brent crude oil prices after the US and Iran failed to reach a peace deal. • Over the day, the 10Y point dropped on short-covering by traders. The India's CPI inflation for March which came i...

13 April, 2026 22:26:43

Nuvama Fixed Income Advisory Report : Bond Vector April-10-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.96% ahead of the weekly gilt auction. • Over the day, the 10Y point bounced 7% after the announcement of a variable rate reverse repo (VRRR) by the RBI of INR 2 trln. • Meanwhile, traders covered their shorts after the wee...

10 April, 2026 20:05:26

Nuvama Fixed Income Advisory Report : Bond Vector April-09-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 2bp higher at 6.92% as Brent crude oil surged amid a fragile ceasefire agreement between Iran and the US. • Over the day, the 10Y point continued to rise on the back of afloat crude oil prices and lack of clarity on whether the US-Ir...

09 April, 2026 19:10:49

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI hints at prolonged pause

The Reserve Bank of India led monetary policy committee unanimously kept policy repo rate unchanged at 5.25% (in line with our expectation). All the six Monetary Policy Committee (MPC) members including, Prof Ram Singh voted for a ‘neutral’ policy stance. This decision was taken considering the i...

08 April, 2026 19:37:27

Nuvama Fixed Income Advisory Report : Bond Vector April-08-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 9bps at 6.96% after US and Iran agreed to a two-week ceasefire. • Over the day, the 10Y point dropped as bets of a rate hike in June have been pushed to late 2026 after the Gov Malhotra commented that low interest rates were possible...

08 April, 2026 19:34:46

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI MPC Apr meeting preview Hawkish pause

Since the February RBI MPC, the macro landscape has changed significantly, with the escalation of the US-Iran war altering global risk sentiment, oil prices, and inflation expectations. This week RBI MPC is set to meet from Apr 06 to Apr 08 for its bi-monthly policy review and is likely to mainta...

07 April, 2026 20:02:17

Nuvama Fixed Income Advisory Report : Bond Vector April-07-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 2bp higher at 7.06% tracking the rise in crude oil prices on no signs of de-escalation in the ongoing West Asia war. • Over the day, 10Y yield dropped to 7.01% level on short covering by traders. The state-bond auction witnessed robu...

07 April, 2026 19:59:52

Nuvama Fixed Income Advisory Report : Bond Vector April-06-2025

• The 10-year benchmark government bond (6.48% GS 2035) opened 1bp higher at 7.14% tracking the rise in Brent crude oil prices after US Trump issued another threat to Iran, in a social media post, saying Iran has 48 hours left to "make a deal" or "open up the Strait of Hormuz." • Over the day,...

06 April, 2026 21:44:46

Nuvama Fixed Income Advisory Report : Bond Vector April-02-2025

• The 10-year benchmark government bond (6.48% GS 2035) opened steady at 7.04% ahead of the weekly gilt auction. • Over the day, the 10Y point elevated on the lack of clarity on US-Iran war. The bonds remained sharply down as cut-off prices at INR 290 Bn auction came in lower than expected, espe...

02 April, 2026 19:58:13

Nuvama Fixed Income Advisory Report : Bond Vector March-30-2025

• On Monday, the 10-year benchmark government bond (6.48% GS 2035) opened 3 bps lower at 6.91% due to the lower-than-expected size of the Apr–Sept government borrowing calendar and INR appreciation. • Over the day, the 10Y point elevated on short-selling amid tracking the fall in INR to a fresh ...

30 March, 2026 18:58:27

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI FX structural shift not enough to cap fall in INR

The Indian rupee appreciated sharply to 93.59/$ after the Reserve Bank of India (RBI) directed authorised dealer banks to cap their Net Open Position (NOP) in INR at $100 million in the onshore deliverable foreign exchange market, with compliance required by April 10, 2026. The move marks a signi...

30 March, 2026 16:34:06

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II Rupee Slides Past 94.5 Limited RBI Support Where from here

The Indian rupee weakened to a fresh all-time low of 94.84/$, as there are no signs of de-escalation in the ongoing West Asia conflict between US, Isreal & Iran. So far, the Indian currency has depreciated almost 3.9% against the dollar ever since the conflict in West Asia broke out on Feb 28. Th...

27 March, 2026 22:05:04

Nuvama Fixed Income Advisory Report : Bond Vector March-27-2025

• The 10-year benchmark government bond (6.48% GS 2035) opened 3bp higher at 6.90% on the back of elevated Brent prices and a rise in US Treasury yields amid caution ahead of the expected release of the Centre's borrowing calendar for Apr-Sept. • Over the day, the 10Y point elevated to 6.95%, it...

27 March, 2026 21:57:22

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II H1FY27 GSec Calendar Preview Heavier Belly Lighter Longer End

The GoI is likely to announce the government's borrowing calendar for Apr-Sept of FY27 by the end of this week or early next week. The gross market borrowing for FY27 is likely to be revised down to around INR 15.8 trillion as post the Budget announcement, the government conducted gilt switches o...

25 March, 2026 19:29:08

Nuvama Fixed Income Advisory Report : Bond Vector March-25-2025

• 10-year benchmark government bond (6.48% GS 2035) opened 3bp lower at 6.84% as Brent crude oil futures for May delivery fell below $100/barrel amid expectations of de-escalation in the US-Iran war. • Over the day, the 10Y point elevated to 6.89% levels on profit-booking by traders amid uncerta...

25 March, 2026 19:16:56

Nuvama Fixed Income Advisory Report : Bond Vector March-24-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened steady at 6.84%. • Over the day, 10Y yield dropped to 6.81% level on short-covering by traders. The bond market also got support from the appreciation in INR amid higher risk appetite after Trump paused strikes on Iran's power plants...

24 March, 2026 18:57:53

Nuvama Fixed Income Advisory Report : Bond Vector March-23-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 5bp higher at 6.78% due to an escalation in the West Asia war over the weekend and the subsequent rise in crude oil prices and US Treasury yields. • Over the day, the 10Y point elevated to 6.89% as stop losses triggered and Brent cru...

23 March, 2026 22:04:20

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II INR Hits Record Low; RBI May Brace for Policy Tightening

The Indian rupee weakened to an all-time low of 93.76 per dollar, as escalating tensions in West Asia dampened global risk appetite and kept crude oil prices elevated. A stronger dollar index, supported by a hawkish US Federal Reserve, has further added pressure on the rupee. In our January 2026 ...

20 March, 2026 22:11:53

Nuvama Fixed Income Advisory Report : Bond Vector March-20-2026

• On Friday, the 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.73%. • Over the day, the 10Y point elevated to 6.78% level as Brent crude oil prices for May delivery rose above $110 per barrel intraday and the rupee plunged to a record low of 93.76/$. • INR ended lower at 93...

20 March, 2026 22:08:26

Nuvama Fixed Income Advisory Report : Bond Vector March-18-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened steady at 6.71% ahead of FOMC policy outcome • Over the day, the 10Y point elevated to 6.74% levels as traders built short positions tracking the movement Indian rupee • INR breached record low of 92.65/$ on dollar buying by importe...

18 March, 2026 19:21:25

Nuvama Fixed Income Advisory Report : Bond Vector March-17-2026

• On Tuesday, the 10-year benchmark government bond (6.48% GS 2035) opened steady at 6.71%. • Over the day, 10Y yield rose as traders kept waiting for the result of the state bond auction and tracking intraday movement of Brent crude oil prices. • Meanwhile, the SDL auction result came better t...

17 March, 2026 20:05:43

Nuvama Fixed Income Advisory Report : Monthly Bond Compass Feb 2026 Edition

•India G-Sec yields moved within a range of 6.63–6.78%, eventually closing 4 bps lower at 6.66% in February. •The movement was driven by multiple factors, including the FY27 Union Budget, RBI monetary policy decisions, government bond switches, escalating US–Iran tensions, a rise in crude oil p...

16 March, 2026 20:42:22

Nuvama Fixed Income Advisory Report : Bond Vector March-16-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 1bp higher at 6.69% following a rise in oil prices past the $100/barrel mark. • Over the day, the 10Y point elevated to 6.72% tracking the rise in OIS rates and crude oil prices. However, some short covering was witnessed on hopes th...

16 March, 2026 20:37:19

Nuvama Fixed Income Advisory Report : Bond Vector March-13-2026

• On Friday, the 10-year benchmark government bond (6.48% GS 2035) opened steady at 6.67% as market participants awaited RBI OMO cut offs for further cues. • Over the day yields hardened to 6.69% tracking elevated Brent crude prices, amid ongoing tensions in the Middle East that raised inflation...

16 March, 2026 20:36:17

Nuvama Fixed Income Advisory Report : Bond Vector March-12-2026

• On Thursday, the 10-year benchmark government bond (6.48% GS 2035) opened 4 bps higher at 6.68%tracking the overnight rise in 10Y UST yields and Brent crude prices. • Brent climbed back toward $100 per barrel following fresh attacks in the Strait of Hormuz, while the 10Y UST hardened by 5 bps,...

12 March, 2026 19:23:44

Nuvama Fixed Income Advisory Report : Bond Vector March-11-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.67%. • Over the day, the movement in 10Y point was tracking the crude oil prices. The 10Y point surged to 6.69% as Brent crude oil for May delivery hit $90/barrel, up from around $87/barrel. Tracking the rise in crude price...

11 March, 2026 20:26:16

Nuvama Fixed Income Advisory Report : Bond Vector March-10-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 3 bp lower at 6.69% as crude oil prices tumbled following US Trump's remarks that the armed conflict in West Asia would end "very soon". • Over the day, 10Y yield eased by short covering by market participants amid stronger INR and w...

10 March, 2026 21:50:12

Nuvama Fixed Income Advisory Report : Bond Vector March-09-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 3bp higher at 6.72% due to a surge in crude oil prices after an escalation in the armed conflict in West Asia over the weekend. • Over the day, the 10Y point stayed elevated due to the jump in Brent and the corresponding fall in the ...

09 March, 2026 19:28:02

Nuvama Fixed Income Advisory Report : Bond Vector March-06-2026

• On Friday, the 10-year benchmark government bond (6.48% GS 2035) opened steady at 6.64% on caution ahead of the INR 290 Bn weekly auction. • Over the day, the 10Y point elevated tracking the rise in 5-year OIS and crude oil prices. The Brent crude oil futures for May delivery surged to $87/bar...

06 March, 2026 19:33:13

Nuvama Fixed Income Advisory Report : Bond Vector March-05-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.67%. • Over the day, the 10Y point dropped on speculated RBI intervention through ‘on screen’ OMO purchases amid short covering by traders. • Meanwhile, Indian rupee ended higher at 91.60/$ vs 92.15/$ on RBI’s active pre...

05 March, 2026 18:59:03

Nuvama Fixed Income Advisory Report : Bond Vector March-04-2026

• On Wednesday, the 10-year benchmark government bond (6.48% GS 2035) opened 4 bp higher at 6.72% tracking the rise in crude oil prices and US Treasury yields. • Over the day, 10Y point dropped to 6.70% level as Brent crude oil pared gains on reports that Iran reached out indirectly to the US Ce...

04 March, 2026 22:25:40

Nuvama Fixed Income Advisory Report : Bond Vector March-02-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 3bp higher at 6.69% tracking the surge in crude oil prices after the attack by the US and Israel on Iran, followed by Tehran's retaliation over the weekend.. • The 10-year government bond weakened during the day, with the yield touc...

02 March, 2026 21:55:36

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II Oil Shock Returns: Pressure on Bonds and INR

Global uncertainty has elevated after the US and Israel attacked Iran over the weekend and Tehran retaliated, escalating geopolitical tensions into an open conflict across West Asia. This has led to a spike in crude oil prices and increased concerns of a drawn-out disruption in the commodity's su...

02 March, 2026 21:54:30

Nuvama Fixed Income Advisory Report : Credit Dispersion Report - 27 Feb 26

1. In PSU AAA segment, dispersion has decreased in the front end of the curve and has further witnessed some steepening over the past month. 2. Over the course of the week, the activity was seen in the front end of the curve. 3. PSU primary issuances worth around INR 200 Bn hit the market for ...

28 February, 2026 16:40:12

Nuvama Fixed Income Advisory Report : INR Forward Curve Reports - 27rd Feb 26

• The G-Sec curve saw steepening with downward movement seen across the curve. • On the US front, US Initial Jobless claims rose 4,000 to 212,000 for the week ended February 21 from 208,000 a week prior. The negotiations between the US and Iran regarding the future of Iran's nuclear programme ...

28 February, 2026 16:36:52

Nuvama Fixed Income Advisory Report : Bond Vector February-27-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 2bp higher at 6.71% ahead of India’s Q3FY26 GDP data and the weekly bond auction. • Over the day, the 10Y point lowered after the cut-off yields on at the auction was largely in line with expectations. RBI offered 6.48% GS 2035 at...

27 February, 2026 19:02:05

Nuvama Fixed Income Advisory Report : Bond Vector February-26-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 1bp lower at 6.67% after the RBI said the government will switch four gilts maturing in FY27 with five other bonds. • Over the day, the 10Y point rose to 6.70% level on profit-booking ahead of India’s Q3FY27 GDP data due tomorrow. In...

27 February, 2026 19:01:21

Nuvama Fixed Income Advisory Report : Bond Vector February-25-2026

• On Wednesday, the 10-year benchmark government bond (6.48% GS 2035) opened 1bp lower at 6.67% on speculation from some participants of RBI’s on screen buying on Tuesday. • The 'Others' segment of gilt market participants, which includes insurance companies, provident funds, and the RBI, net bo...

26 February, 2026 13:51:56

Nuvama Fixed Income Advisory Report : Bond Vector February-24-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 1bp lower at 6.69% ahead of state bond sale. • Over the day, 10Y yield eased to 6.66% level on short covering by market participants. • Meanwhile, the SDL auction result came better than market expectations. RBI offered 10Y Gujarat...

24 February, 2026 19:26:48

Nuvama Fixed Income Advisory Report : Credit Dispersion Report - 23 Feb 26

1. Dispersion in AAA PSU has decreased in front end of the curve, however some steepening has also been seen. 2. Over the course of the week, the activity was seen across thew curve with some switches seen in duration. 3. PSU primary issuances worth around INR 100 bn hit the market for the issu...

23 February, 2026 22:36:00

Nuvama Fixed Income Advisory Report : INR Forward Curve Reports - 23rd Feb 26

• The G-Sec curve saw steepening with mixed movement seen across the curve. • On the US front, Q4 GDP came in at an annualized 1.4%, missing the 3.0% consensus and sharply decelerating from Q3's 4.4% expansion. The US Supreme Court handed down its decision, stating that the International Emerge...

23 February, 2026 22:34:41

Nuvama Fixed Income Advisory Report : Bond Vector February-23-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 1bp lower at 6.71% after US Supreme Court scrapped Trump’s tariffs.. • The 10-year government bond weakened during the day, with the yield touching 6.73% on profit booking. However, the yield dropped tracking the appreciation in INR...

23 February, 2026 21:18:03

Nuvama Fixed Income Advisory Report : Bond Vector February-20-2026

• On Friday, the 10-year benchmark government bond (6.48% GS 2035) opened 2bps higher at 6.70% tracking a jump in crude oil prices and rising geopolitical tensions between the US and Iran. • Crude oil prices rose to a six-month high as Iran organised a collaborative naval drill with Russia, as r...

23 February, 2026 21:17:15

Nuvama Fixed Income Advisory Report : Bond Vector February-18-2026

• On Wednesday, the 10-year benchmark government bond (6.48% GS 2035) opened steady at 6.66%. • T-Bill auction worth INR 340 Bn was fully subscribed and cut offs were, 3M-5.3176%, 6M-5. 5361% and 1Y-5. 5997%. • The 10Y point hardened as market participants placed short bets ahead of Weekly IGB ...

18 February, 2026 20:14:45

Nuvama Fixed Income Advisory Report : Bond Vector February-17-2026

• On Tuesday, the 10-year benchmark government bond (6.48% GS 2035) opened steady at 6.66% ahead of weekly SDL auction • SDL auction worth ~ INR 380 Bn was conducted and cut offs were better than expected. RBI offered Karnataka 10Y at 7.44%, Uttar Pradesh 15Y at 7.67% and Tamil Nadu 30Y at 7.66%...

18 February, 2026 10:35:06

Nuvama Fixed Income Advisory Report : Monthly Bond Compass Jan 2026 Edition

•India G-Sec yields traded mixed to cautious tone within the range of 6.49-6.75%, closing 10 bp higher at 6.69% in January, influenced by various factors: currency movements, OIS rates and expectations of RBI support. •Indian rupee depreciated to a fresh record low of 92/$ on behalf of dollar b...

18 February, 2026 10:34:09

Nuvama Fixed Income Advisory Report : Bond Vector February-16-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 1bp lower at 6.67% tracking the fall in US treasury yields post weak inflation data. • During the day, the local bond weakened, with the yield touching 6.68% on profit booking. The focus is on tomorrow’s SDL auction of INR 379 Bn aga...

16 February, 2026 19:06:54

Nuvama Fixed Income Advisory Report : Bond Vector February-13-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 3bp lower at 6.65% after government switched FY27 bonds with RBI. • Over the day, the 10Y point surged on profit-booking. Meanwhile, the result of the INR 310 Bn weekly gilt auction came broadly on expected lines. RBI offered New GS ...

13 February, 2026 19:15:57

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II CPI data points to prolonged RBI policy pause

India’s retail inflation for Jan rose to 2.75% from 1.33% in Dec, the uptick in inflation was broadly in line with expectations. And the CPI data is based on the new 2024 series in which the government has changed the weightage of key components such as food and housing, compared to 2012 series. ...

12 February, 2026 21:59:20

Nuvama Fixed Income Advisory Report : Bond Vector February-12-2026

• On Thursday, the 10-year benchmark government bond (6.48% GS 2035) opened 1bp higher at 6.72% tracking the uptick in US treasury yields post jobs data. • Over the day, the 10Y point eased tracking the fall in 5-year OIS amid surplus liquidity. The optimism continued after India CPI inflation c...

12 February, 2026 21:56:40

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II India's CD Ratio Hits All Time High of 82.17% Amid Elevated Yields

Indias banking systems credit deposit (CD) ratio reached an all-time high of 82.17% as of January 15, 2026, reflecting robust loan demand alongside relatively slower deposit mobilization. The CD ratio measures how much of the deposits collected by banks are deployed as loans.

12 February, 2026 21:55:32

Nuvama Fixed Income Advisory Report : Bond Vector February-11-2026

• On Wednesday, the 10-year benchmark government bond (6.48% GS 2035) opened steady at 6.72% amid lack of significant cues. • T-Bill auction worth INR 340 Bn was fully subscribed and cut offs were, 3M - 5.32%, 6M - 5.5581% and 1Y - 5.61% • The 10Y IGB yield eased, tracking the decline in U.S. T...

11 February, 2026 19:27:50

Nuvama Fixed Income Advisory Report : Bond Vector February-06-2026

• On Friday, the 10-year benchmark government bond (6.48% GS 2035) opened 1bp lower at 6.64% ahead of RBI monetary policy outcome. • The 10Y point rose to 6.75% after the Reserve Bank of India's failed to provide commentary on liquidity after keeping rate unchanged. The central bank led monetary...

06 February, 2026 20:05:38

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI MPC Review

The Reserve Bank of India led monetary policy committee unanimously kept policy repo rate unchanged at 5.25% (in line with our expectation of ‘no rate cut’) and agreed to retain the ‘neutral’ stance, however one member, Prof Ram Singh retained his view that the stance be changed to ‘accommodative...

06 February, 2026 19:34:06

Nuvama Fixed Income Advisory Report : Bond Vector February-05-2026

• 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.70% ahead of the OMO auction. • Over the day, the 10Y point eased further amid comfortable liquidity in the banking system. The optimism continued post better than expected OMO auction cut-off. • The market participants remai...

05 February, 2026 18:48:59

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI MPC Feb Meeting Preview-Wait-and-Watch Approach

RBI MPC Feb meeting preview-Wait-and-Watch approach After the India FY27 union Budget, the focus has now shifted on what will RBI Monetary Policy Committee (MPC) will do. The MPC is set to meet from Feb 4 and Feb 6 for its bi-monthly policy review. The Monetary Policy Committee (MPC) of the Re...

04 February, 2026 17:18:09

Nuvama Fixed Income Advisory Report : Bond Vector February-03-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 6bp lower at 6.71% after India and the US agreed on a long-awaited trade deal. • Over the day, 10Y yield hardened on some profit-booking by market participants. • Meanwhile, the SDL auction result came broadly in line with market ex...

03 February, 2026 19:11:14

Nuvama Fixed Income Advisory Report : Bond Vector February-02-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 4bps higher at 6.74%. • The 10-year government bond weakened during the day, with the yield touching 6.78%, its highest since Jan 17, 2025, after the government's gross market borrowing was pegged at a record INR 17.2 Trln, higher t...

02 February, 2026 21:35:53

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II India FY27 Budget Review (Bond Markets Perspective)

India FY27 Budget: A Missed opportunity? We hereby present our views on India's FY27 federal budget from a fixed income perspective. While the government has maintained a fiscal consolidation path, and is based on a realistic set of assumptions, we believe that the higher gross borrowing...

02 February, 2026 11:55:14

Nuvama Fixed Income Advisory Report : Bond Vector January-30-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.70% ahead of IGB weekly auction. • The 10Y point rose to 6.72% level on short-selling, however, the bond prices recovered most losses and after the RBI announced a second 90-day variable rate repo (VRR) auction of a large, ...

30 January, 2026 19:36:59

Nuvama Fixed Income Advisory Report : Bond Vector January-29-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 1bp higher at 6.71%.. • Over the day, short selling continued in the bond market, however the 10Y point dropped after a better-than-expected OMO auction cut-off. • Meanwhile, Indian rupee breached fresh record low of 92/$ on behalf...

29 January, 2026 20:59:44

Nuvama Fixed Income Advisory Report : Bond Vector January-28-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 1bp lower at 6.71%. • Over the day, 10Y point dropped as the RBI advanced its open market operations by a week to Thursday and Feb 5, from Feb 5 and Feb 12. However, the fall in yield was limited as traders retained their short bet...

28 January, 2026 20:56:50

Nuvama Fixed Income Advisory Report : Bond Vector January-27-2026

Yields closed higher • On Tuesday, the 10-year benchmark government bond (6.48% GS 2035) opened 1 bp lower at 6.65%. • Over the day, 10Y point elevated on short-selling amid caution ahead of the Union Budget for FY27 and tracking the sharp rise in 5Y OIS rate. • Meanwhile, the SDL auc...

28 January, 2026 13:01:03

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI’s Liquidity Push Fizzles; 10Y IGB Jumps to 6.72

The 10-year government bond yield surged to 6.72%, a level last seen on March 4, 2025, keeping spreads on SDL and corporate bonds elevated versus government securities despite the RBI’s announcement of liquidity infusion measures, including open market gilt purchases, on Friday.

28 January, 2026 12:59:49

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II INR hovers near 92: What's Next?

Indian rupee slumped to a fresh record low of 91.95/$ on the back of foreign fund outflows from corporates, and importers dollar demand and absence of trade deal (still). In our report ‘What next for INR’ in Oct-2025, we had argued that the prolonged delay in finalizing the trade deal between Ind...

27 January, 2026 11:02:43

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II FY27 Budget preview Fiscal consolidation unlikely, focus on policy support

The finance minister will table the Union Budget on 1st Feb for FY7. This Budget comes against the backdrop of heightened global uncertainties along with a rapid depreciation in currency. The spotlight will be firmly on the fiscal deficit numbers when finance minister Nirmala Sitharaman presents ...

23 January, 2026 22:08:50

Nuvama Fixed Income Advisory Report : Bond Vector January-23-2026

• On Friday, the 10-year benchmark government bond (6.48% GS 2035) opened 1bp higher at 6.65% ahead of IGB weekly auction. • Over the day, the 10Y point hardened at 6.67% on short-selling by market participants. However, the treasuries recovered some losses after the weekly bond auction result. ...

23 January, 2026 22:07:40

Nuvama Fixed Income Advisory Report : Bond Vector January-22-2026

• On Thursday, the 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.65%. • Over the day, IGB 10y bond yields stayed lower on optimism about support from the Reserve Bank of India through on-screen purchases and further Open Market Operation auctions. • Meanwhile, Indian rupe...

22 January, 2026 21:08:11

Nuvama Fixed Income Advisory Report : Bond Vector January-21-2026

• On Wednesday, the 10-year benchmark government bond (6.48% GS 2035) opened steady at 6.67%. • Over the day, 10Y point stayed range-bound. The sharp weakness in INR pushed the 10Y point higher, however market participants covered their short positions on speculation that RBI is purchasing gilts...

21 January, 2026 18:49:49

Nuvama Fixed Income Advisory Report : Bond Vector January-20-2026

• On Tuesday, the 10-year benchmark government bond (6.48% GS 2035) opened 1bp lower at 6.68%. • Over the day, 10Y point dropped to 6.65% level on short covering amid speculation that the Reserve Bank of India is purchasing gilts on-screen. • Meanwhile, the SDL auction result came better than t...

20 January, 2026 23:03:46

Nuvama Fixed Income Advisory Report : Bond Vector January-19-2026

• On Monday, the 10-year benchmark government bond (6.48% GS 2035) opened steady at 6.68%. • The 10-year government bond weakened during the day, with the yield touching 6.70%, tracking weakness in the rupee and the US 10-year Treasury. • A sharp fall in the domestic currency weighed on bond pr...

19 January, 2026 19:39:11

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II 10Y Yields at March 2025

The domestic bond market and the INR ended the week on a bearish note. The G-sec yield curve steepened, with mixed movements observed across maturities. A similar upward trend was seen in SDL and corporate bond yields. The 10-year benchmark 6.48% GS 2035 closed at 6.68% highest ending level since...

16 January, 2026 21:59:28

Nuvama Fixed Income Advisory Report : Bond Vector January-16-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.65% ahead of IGB weekly auction. • Over the day, the 10Y point hardened at 6.68% on short-selling by market participants. • The cut-off yields for the weekly IGB auction were on expected lines for 6.01% GS 2030 paper, whi...

16 January, 2026 21:55:55

Nuvama Fixed Income Advisory Report : Bond Vector January-14-2026

• On Wednesday, the 10-year benchmark government bond (6.48% GS 2035) opened 1 bp lower at 6.62%. • Over the day, 10Y point elevated to 6.66% level on profit-booking as Bloomberg deferred the inclusion of India's fully accessible route bonds in its flagship Global Aggregate Index. • The 10Y poi...

14 January, 2026 19:16:15

Nuvama Fixed Income Advisory Report : Monthly Bond Compass Dec 2025 Edition

• India G-Sec yields see-sawed within the range of 6.45-6.70%, closing 8 bp higher at 6.59% in December, driven by various factors: uncertainty over RBI further rate cut, depreciation in INR, deficit banking system liquidity, hefty state bond supply and RBI’s announcement of OMO purchases and FX ...

14 January, 2026 18:41:52

Nuvama Fixed Income Advisory Report : Bond Vector January-13-2026

• On Tuesday, the 10-year benchmark government bond (6.48% GS 2035) opened 2bps lower at 6.59% amid speculation of on-screen purchases by the RBI. • Over the day, 10Y point hardened to 6.64% level on some profit-booking after Bloomberg Index Services said they would delay the inclusion of India'...

13 January, 2026 19:01:48

Nuvama Fixed Income Advisory Report : Bond Vector January-06-2026

• On Tuesday, the 10-year benchmark government bond (6.48% GS 2035) opened steady at 6.63% as market participants remained cautious ahead of weekly SDL auction. • The SDL auction worth INR 301 Bn saw mixed cut offs. Papers with tenors of 15 years and below saw slightly higher-than-expected yield...

06 January, 2026 21:31:52

Nuvama Fixed Income Advisory Report : Bond Vector January-02-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 1 bp higher at 6.62%. • Over the day, the 10Y yield firmed up to 6.66%, driven by record state borrowing calendar for the Jan-Mar quarter. The sell-off continued after the RBI’s OMO INR 500 billion auction cut-off prices came below m...

05 January, 2026 18:59:46

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II What Happens If IGBs Are Included in the Bloomberg Global Aggregate Bond Index in Ja...

As the new year begins, the 10-year IGB ended 2025 at 6.59%, following a month of heightened yield volatility after the RBI’s December policy announcement. While the RBI cut the repo rate by 25 bps and unveiled a series of liquidity measures including INR 1 trln of OMOs and a 3-year USD 5 bln USD...

05 January, 2026 13:59:16

Nuvama Fixed Income Advisory Report : Credit Dispersion Report - 02 Jan 26

In AAA PSU, dispersion has increased in the longer end of the curve and has further witnessed some flattening over the past month. Activity remained muted during the week, with lower trading volumes as many market participants were away due to the year-end period. In AAA NBFC, dispersion has ...

02 January, 2026 22:01:18

Nuvama Fixed Income Advisory Report : INR Forward Curve Reports - 02nd Jan 26

The G-Sec curve saw a steepening with downward movement seen in frontend of the curve. On the US front, the minutes of the December 9-10 FOMC meeting were in line with the policy. The Initial Jobless claim data this week came lower at 199k vs forecast of 220k. The US 10Y hovered around 4.18 leve...

02 January, 2026 21:58:19

Nuvama Fixed Income Advisory Report : Bond Vector January-01-2026

• On Friday, the 10-year benchmark government bond (6.48% GS 2035) opened 1bp higher at 6.59% ahead of IGB weekly auction. • Over the day, the 10Y point hardened at 6.62% on profit-booking by market participants. The selling continued after price on the 10-year benchmark 6.48%, 2035 gilt auction...

02 January, 2026 19:52:16

Nuvama Fixed Income Advisory Report : Bond Vector January-01-2026

• On Thursday, the 10-year benchmark government bond (6.48% GS 2035) opened 1 bp higher at 6.60%. • Over the day, IGB 10y bond yields hardened to 6.62% on short selling ahead of tomorrow’s weekly bond auction and on caution before the release of the indicative calendar for state borrowing for Ja...

01 January, 2026 21:17:23

Nuvama Fixed Income Advisory Report : Bond Vector December-31-2025

• On Wednesday, the 10-year benchmark government bond (6.48% GS 2035) opened 1 bp higher at 6.59%. • Over the day, 10Y point dropped to 6.57% level on short-covering by market participants with focus on SDL Q4 borrowing calendar. • The 10Y point closed 1bp higher at 6.59% vs 6.58% as few parti...

31 December, 2025 20:43:42

Nuvama Fixed Income Advisory Report : Bond Vector December-30-2025

• On Tuesday, the 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.60% ahead of SDL auction. • Over the day, 10Y yields dropped after the result of the state bonds auction came largely along expected lines. Some longer-tenor bonds cleared at lower-than-expected yields (e.g., An...

30 December, 2025 20:41:50

Nuvama Fixed Income Advisory Report : Bond Vector December-29-2025

• The 10-year benchmark government bond (6.48% GS 2035) opened 1 bp higher at 6.57% on Monday ahead of the OMO purchase auction.. • Over the day, the 10Y yield firmed on profit-booking amid mixed Open Market Operations auction result. At the OMO auction, the cut-off of 6.67%, 2035 bond was lowe...

29 December, 2025 20:49:13

Nuvama Fixed Income Advisory Report : Credit Dispersion Report - 26th Dec 25

For AAA PSU, dispersion has been mixed across tenors with decreasing in the short end of the curve and while broadly flat in duration In corporate bonds, the activity was majorly witnessed in the front-end of the curve with less demand seen in duration.

29 December, 2025 15:29:16

Nuvama Fixed Income Advisory Report : INR Forward Curve Reports - 26th Dec 25

The G-Sec curve saw a steepening with mixed movement seen across tenors. On the US front, initial estimate of US Q3 GDP data came at 4.3% with US 10Y hovering around 4.12 levels. On the domestic front, systemic liquidity slipped continued in the deficit zone with multiple VRRs being carried out...

29 December, 2025 15:26:46

Nuvama Fixed Income Advisory Report : Bond Vector December-26-2025

• On Friday, the 10-year benchmark government bond (6.48% GS 2035) opened 1bp lower at 6.53% ahead of IGB weekly auction. • Over the day, market participants booked their profits taking advantage of the recent rise in prices. The focus is on Reserve Bank of India's open market operation auction...

26 December, 2025 19:21:52

Nuvama Fixed Income Advisory Report : Bond Vector December-23-2025

• On Tuesday, the 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.67% on lack of fresh domestic or global cues. • Over the day, 10Y yields dropped to 6.62% on speculation that the Reserve Bank of India was buying gilts on-screen. Also, market participants covered their short p...

23 December, 2025 18:59:10