AIMIN

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

Nuvama Fixed Income Advisory Report : Credit Dispersion Report - 19th Dec 25

Dispersion has decreased in the longer end of the AAA PSU curve however the curve itself has flattened. In corporate bonds, the activity was majorly witnessed in the front-end of the curve with less demand seen in duration. IRFC withdrew its 10-year zero-coupon bond issuance, likely due to elevat...

20 December, 2025 14:10:57

Nuvama Fixed Income Advisory Report : INR Forward Curve Reports - 19th Dec 25

The G-Sec curve saw a steepening with mixed movement seen across tenors. On the US front, Non-Farm Payroll came at 64K in November 2025, exceeding market expectations of 50K. However, the US unemployment rate rose to 4.6%, above the consensus estimate of 4.4%. Also, headline CPI inflation eased ...

20 December, 2025 14:07:32

Nuvama Fixed Income Advisory Report : Bond Vector December-19-2025

• On Friday, the 10-year benchmark government bond (6.48% GS 2035) opened steady at 6.58% ahead of IGB weekly auction. • Over the day, market participants continued to book profit. The Weekly auction cut-off came mixed, with cut-off coming better than expected in the long end paper 7.09% GS 2074...

20 December, 2025 14:02:20

Nuvama Fixed Income Advisory Report : Bond Vector December-18-2025

• On Thursday, the 10-year benchmark government bond (6.33% GS 2035) opened 2bp lower at 6.58%. • Over the day, IGB 10y bond yields hardened to 6.63% on profit-booking. Also, the second OMO auction conducted by RBI worth INR 500Bn was fully subscribed and cut off price for 6.33 GS 2035 were slig...

18 December, 2025 18:54:22

Nuvama Fixed Income Advisory Report : Bond Vector December-17-2025

Yields end the day better • On Wednesday, the 10-year benchmark government bond (6.33% GS 2035) opened 1 bp lower at 6.58%. • Over the day, 10Y point hardened tracking the rise in OIS as market participants amid profit-booking ahead of tomorrow’s Open Market Operations (OMO) auction. • Mean...

17 December, 2025 19:18:18

Nuvama Fixed Income Advisory Report : Bond Vector December-16-2025

Yields end the day better • The 10-year benchmark government bond (6.33% GS 2035) opened flat at 6.59% on Tuesday. • Over the day, 10Y yields hardened as market participants booked profits tracking the depreciation in INR. Indian rupee hit a fresh record low of 91.06/$, breaching the psycholog...

16 December, 2025 19:16:21

Nuvama Fixed Income Advisory Report : Bond Vector December-15-2025

Yields end the day lower • The 10-year benchmark government bond (6.33% GS 2035) opened 2bp lower at 6.59% on Monday after the RBI included IGB 6.33% 2035 gilt at this week’s OMO auction. • Over the day, the 10Y yield firmed up to 6.63% as Indian rupee hit fresh record low of 90.79/$ as banks ...

15 December, 2025 22:12:07

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II 10Y-INR to Move in Tandem

10Y-INR to move in tandem The movement in 10Y bond yield and INR has been in tandem with yield elevating to 6.63% tracking the depreciation in INR. The Indian rupee hit a fresh record low of 90.79/$ on the back as risk appetite among investors remained dampened owing to prolonged delay in th...

15 December, 2025 13:32:53

Nuvama Fixed Income Advisory Report : Credit Dispersion Report - 12th Dec 25

Dispersion has decreased 3yr onwards however the curve itself has flattened. The past week saw selling across the curve in NBFCs tracking weakness in IGBs with some participants were seen looking at tactical entry/exit points across the curve

13 December, 2025 11:56:18

Nuvama Fixed Income Advisory Report : INR Forward Curve Reports - 12th Dec 25

The G-Sec curve saw a flattening with an upward movement seen across tenors. On the US front, as widely anticipated, the FOMC cut rates by 25 bps, bringing the federal funds rate to 3.50–3.75% from 3.75–4.00%. 9 of the 12 voting members supported the 25-bps cut, while one member preferred a 50-b...

13 December, 2025 11:54:05

Nuvama Fixed Income Advisory Report : Bond Vector December-12-2025

Yields end the day flat • On Friday, the 10-year benchmark government bond (6.33% GS 2035) opened 2bp higher at 6.63% tracking the weakness in INR. • Over the day, market participants covered their short positions ahead of the weekly IGB auction. The auction cut-off came broadly in line with e...

12 December, 2025 21:48:07

Nuvama Fixed Income Advisory Report : Bond Vector December-11-2025

Yields end the day lower • On Thursday, the 10-year benchmark government bond (6.33% GS 2035) opened 2bp lower at 6.64%.Over the day, value-buying was witnessed tracking lower US Treasury bond yields after the US Fed Powell sounded less hawkish in the press conference amid a cut rate of 25bps. ...

11 December, 2025 20:52:15

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI Actions A Policy Conundrum

Despite the RBI MPC delivering a 25-bps repo rate cut, the benchmark 10Y IGB yield has risen sharply, touching 6.66%, the highest since March 2025 driven by heavy FPI selling, the rise in US Treasury yields, and increased paying interest in the 5Y OIS segment

10 December, 2025 22:26:27

Nuvama Fixed Income Advisory Report : Bond Vector December-10-2025

Yields end the day higher • On Wednesday, the 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.62% as market participants remained cautious ahead of the US FOMC outcome scheduled post market hours. • Over the day 10Y point hardened as market participants trimmed their positi...

10 December, 2025 22:23:04

Nuvama Fixed Income Advisory Report : Bond Vector December-09-2025

Yields end the day higher • The 10-year benchmark government bond (6.33% GS 2035) opened flat at 6.57% on Tuesday. • Over the day, 10Y yields hardened further on selling by foreign banks and likely foreign portfolio investors. The sentiments were further dampened after the state development loa...

09 December, 2025 22:23:51

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

In this edition of Bond Compass, we highlight the key themes for Nov : • India G-Sec yields see-sawed within the range of 6.47-6.58%, closing 2 bp higher at 6.55% in November, driven by various factors: record low CPI inflation data, stronger GDP data, RBI intervention in G Sec market, sharp dep...

09 December, 2025 14:49:16

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI MPC Meeting Review Dec 2025

INR Forward Curves: • In this report we present INR 1Yr forward rate curves constructed for G-Sec, State Development Loans (SDL), Private AAA and PSU AAA names. • We have used spot rates for the given product lines to generate the yield curve. • For IGB and SDL we have constructed the 1Y...

08 December, 2025 17:49:36

Nuvama Fixed Income Advisory Report : Credit Dispersion and INR Forward Curve Reports - 05th Dec 25

INR Forward Curves: • In this report we present INR 1Yr forward rate curves constructed for G-Sec, State Development Loans (SDL), Private AAA and PSU AAA names. • We have used spot rates for the given product lines to generate the yield curve. • For IGB and SDL we have constructed the 1Y...

08 December, 2025 17:46:31

Nuvama Fixed Income Advisory Report : Bond Vector December-05-2025

Macro and Government Bond Commentary: Yields closed lower • On Friday, the 10-year benchmark government bond (6.33% GS 2035) opened 1bp lower at 6.52%. • Over the day, the RBI MPC cut repo rate by 25bps to 5.25% maintaining the ‘neutral’ stance, lead to a drop in 10Y bond yield to 6.45%...

08 December, 2025 17:43:03

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II What measures could RBI take to limit INR from falling

The central bank has been actively intervening in both the spot and forward FX markets. As a result, foreign exchange reserves have eased to $688.10 billion as of November 2025, down from the record $702.96 billion reached in September 2025. At the same time, the RBI’s outstanding net forward pos...

04 December, 2025 21:05:35

Nuvama Fixed Income Advisory Report : Bond Vector December-04-2025

• On Thursday, the 10-year benchmark government bond (6.33% GS 2035) opened flat at 6.54%. • Over the day, value-buying was witnessed ahead of tomorrow’s RBI policy rate decision and the weekly bond auction. The appreciation in INR to close at 89.98/$ on likely intervention by the RBI supported ...

04 December, 2025 21:00:49

Nuvama Fixed Income Advisory Report : Bond Vector December-03-2025

• On Wednesday, the 10-year benchmark government bond (6.33% GS 2035) opened 1bp higher at 6.53% • Over the day, 10Y point hardened amid retracement after yesterday’s aggressive rally and profit-booking ahead of RBI MPC outcome. The weakness in INR also weighed on gilts. • Meanwhile, Indian rup...

03 December, 2025 20:49:06

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI MPC meeting preview Dec 25

The Reserve Bank of India’s monetary policy committee is set to announce the resolution of the December meeting outcome this Friday. We expect the committee to keep policy rates unchanged with repo rate at 5.5% while retaining the ‘neutral’ policy stance given the evolving domestic macroeconomic ...

02 December, 2025 21:22:49

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

• The 10-year benchmark government bond (6.33% GS 2035) opened 1bp higher at 6.58% on Tuesday. • Over the day, 10Y yields dropped to 6.51% on speculation that the Reserve Bank of India was buying gilts on-screen after the disappointing state bond auction results. • The SDL auction worth ~INR 2...

02 December, 2025 19:12:57

Nuvama Fixed Income Advisory Report : INR Credit Dispersion 01-December-2025

Dispersion has decreased in the longer end and the curve has further witnessed some flattening over the past month. Demand was witnessed in the front-end of the curve, 2–3 year segment saw switches. There was PSU primary issuances by SIDBI and PFC in 10Y segment. While NABARD and PFC withdrew t...

02 December, 2025 11:38:31

Nuvama Fixed Income Advisory Report : INR Forward Curves 01-December-2025

The G-Sec curve saw flattening with upwards movement seen across tenors. On the domestic front, GDP for Jul-Sep 25 came at 8.2% for the period vs 7.2% consensus expectation. There was further chatter of a possible trade deal this calendar year, though no formal announcement yet. IGB yields weake...

02 December, 2025 11:34:34

Nuvama Fixed Income Advisory Report : Bond Vector December-01-2025

• The 10-year benchmark government bond (6.33% GS 2035) opened 1bp higher at 6.56% on Monday. • Over the day, 10Y point hardened to 6.58% on fears that RBI may not cut rates at the MPC outcome post the high Q2FY26 GDP print. • The weakness in INR to a record low of INR 89.78/$ on importers doll...

01 December, 2025 20:54:30

Nuvama Fixed Income Advisory Report : Bond Vector November-28-2025

Yields closed higher today • On Friday, the 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.52% ahead of weekly IGB auction and the GDP data scheduled for release later in the day. • The IGB auction cut offs were broadly on expected lines and RBI offered 5.91% GS 2028 at ...

28 November, 2025 18:15:57

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

Yields end the day higher • On Thursday, the 10-year benchmark government bond (6.33% GS 2035) opened flat at 6.49%. • Over the day, the 10Y bond yield hardened to 6.51% as market-participants booked profits ahead of tomorrow’s Q2FY26 GDP data as it is the final major data point before the RBI ...

27 November, 2025 21:39:16

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

Yields end the day lower • On Wednesday, the 10-year benchmark government bond (6.33% GS 2035) opened 1 bp lower at 6.49% tracking a fall in US Treasury yields. • The US 10Y point dipped as dismal US retail sales data (0.2% in Sep vs 0.6% in Aug) made a stronger case for a December rate cut in ...

26 November, 2025 18:39:17

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

Yields closed lower • On Tuesday, the 10-year benchmark government bond (6.33% GS 2035) opened 2 bps lower at 6.50% supported by rising expectations of rate cuts in the upcoming RBI MPC policy after the RBI Governor’s dovish remarks on Monday. • The SDL auction amounting ~INR 250 Bn was condu...

25 November, 2025 18:43:51

Nuvama Fixed Income Advisory Report : Bond Vector November-24-2025

Yields end the day lower • On Monday, the 10-year benchmark government bond (6.33% GS 2035) opened 2 bps lower at 6.55% tracking the decline in US Treasury yields. Sentiment was also supported by data from the RBI’s weekly bulletin, which showed that the central bank purchased INR 148.10 Bn wort...

24 November, 2025 20:59:59

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II INR Likely to Weaken Further on Nominal and REER terms

The Indian rupee posted its sharpest single day loss in over six months, closing at a record low of 89.50 after stop-loss levels were triggered when the Reserve Bank of India refrained from defending the 88.80 level. Sentiment was further dampened by diminishing expectations of progress on the In...

22 November, 2025 10:38:41

Nuvama Fixed Income Advisory Report : Bond Vector November-21-2025

Yields end the day better • On Friday, the 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.53%. • Over the day, the 10Y bond yield hardened tracking sharp depreciation in Indian rupee. Indian rupee dropped to a record low of 89.50/$ amid chatter of lack of RBI intervention...

21 November, 2025 22:30:54

Nuvama Fixed Income Advisory Report : INR Forward Curves

The curve moved upwards across tenors with some steepness also seen. Globally, the Fed minutes reflected a divided stance among policymakers regarding the prospects of a rate cut. Non-farm payrolls in the US for September came in better than expected. On the domestic front, the trade deficit wi...

21 November, 2025 22:29:10

Nuvama Fixed Income Advisory Report : INR Credit Dispersion

Dispersion for AAA PSU and AAA NBFC has decreased in the 4y-8y segment, while the rest has remained broadly unchanged. The curve has further witnessed steepening over the past month.

21 November, 2025 22:23:48

Nuvama Fixed Income Advisory Report : Bond Vector November-19-2025

Yields end the day flat • The 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.53% on Wednesday. • Over the day, the sentiments around inclusion of India’s bond market in the Bloomberg Index Services supported the gilts however traders booked profits with focus on tonight’s...

19 November, 2025 20:34:26

Nuvama Fixed Income Advisory Report : Bond Vector November-18-2025

Yields end the day flat • The 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.54% on Tuesday with focus on RBI intervention. • Over the day, 10Y yields fell to 6.52% on news report that FPIs were keen on India’s fully accessible route inclusion in Bloomberg Aggregate Index....

18 November, 2025 19:03:38

Nuvama Fixed Income Advisory Report : Bond Vector November-17-2025

Yields end the day higher • The 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.53% on Monday. • Meanwhile, market participants continued to book profits ahead of tomorrow’s SDL auction where the states would raise less than indicated in the calendar. The uptick in US 10Y y...

17 November, 2025 20:13:25

Nuvama Fixed Income Advisory Report : INR Forward Curves

The curve has witnessed upward movement in the longer end over the past week, with some steepness also seen. On the global front, we saw US government reopening from the longest shut down amid hawkish comments from FOMC members keeping US yields elevated while DXY weakened in absence of US econ...

15 November, 2025 17:09:49

Nuvama Fixed Income Advisory Report : INR Credit Dispersion

Dispersion in AAA PSU has increased in the frontend of the curve however the curve itself has remained flat. Participants were seen carrying out frontend switches though duration continued to remain out of flavor. Dispersion in AAA NBFC decreased across the curve however some steepness has also ...

15 November, 2025 17:06:39

Nuvama Fixed Income Advisory Report : Bond Vector November-14-2025

Yields end the day higher • On Friday, the 10-year benchmark government bond (6.33% GS 2035) opened flat at 6.52%. Over the day, IGB 10Y bond yield stayed afloat on profit-booking. • The weekly gilt auction cut-off yield came almost in line with expectations; the cutoff was slightly lower than ...

14 November, 2025 20:47:34

Nuvama Fixed Income Advisory Report : Bond Vector November-13-2025

Yields end the day better • The 10-year benchmark government bond (6.33% GS 2035) opened 1bp higher at 6.51%. • Over the day, IGB 10y bond yields hardened amid profit-booking ahead of tomorrow’s weekly bond auction for INR 280Bn comprising 15-year (6.68% GS 2040) and 40-year (6.90% GS 2065) p...

13 November, 2025 21:20:43

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II Will RBI cut rate in Dec after record low CPI?

India’s CPI inflation has dropped to a record low of 0.25% in Oct 2025, significantly lower than 1.44% in September while market consensus was 0.4%. The September CPI inflation was downwardly revised to 1.44% from 1.54%. The contributing factor for sharp fall in the CPI print is the first-round ...

12 November, 2025 21:12:08

Nuvama Fixed Income Advisory Report : Bond Vector November-12-2025

Yields end the day lower • The 10-year benchmark government bond (6.33% GS 2035) opened 1 bp lower at 6.50% on Wednesday. • Over the day, the speculation of continued RBI buying weighed on the yields. However, some profit-booking was witnessed post India’s CPI inflation data. The headline infl...

12 November, 2025 19:44:39

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

In this edition of Bond Compass, we highlight the key themes for Oct : • India G-Sec yields closed 5bp lower at 6.52% in October, driven by various factors: status quo by the RBI MPC, 25bps rate cut by the Federal Reserve, liquidity crunch due to festive season, weakness in INR. • The RBI ...

12 November, 2025 17:37:59

Nuvama Fixed Income Advisory Report : Bond Vector November-11-2025

Yields end the day higher • On Tuesday, the 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.49%. • Over the day, the 10Y yield dropped to 6.48% on value-buying by market participants. However, the 10Y point hardened as traders trimmed positions due to security concerns afte...

11 November, 2025 19:39:53

Nuvama Fixed Income Advisory Report : Bond Vector November-10-2025

Yields end the 2bps lower • The 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.51% on Monday. • Over the day, IGB 10Y bond yield eased on value-buying ahead of tomorrow’s SDL auction where the states would raise less than indicated in the calendar and this week’s India’s ...

10 November, 2025 18:37:27

Nuvama Fixed Income Advisory Report : Bond Vector November-07-2025

Yields end the day lower • The 10-year benchmark government bond (6.33% GS 2035) opened 2bps lower at 6.50% tracking the overnight fall in US Treasury yields. • Over the day, IGB 10Y bond yield stayed afloat on profit-booking after the weekly gilt auction cut-off yield witnessed a tad tail. R...

07 November, 2025 19:41:59

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

Yields end the day flat • On Thursday, the 10-year benchmark government bond (6.33% GS 2035) opened at 6.52%. • Over the day, 10Y bond yields dropped on speculations of RBI intervening in the secondary market through OMO purchases. • However, few participants booked profits ahead of tomorrow’...

06 November, 2025 19:10:30

Nuvama Fixed Income Advisory Report : Bond Vector November-04-2025

Yields end the day flat • The 10-year benchmark government bond (6.33% GS 2035) opened 1bp lower at 6.52%. • Over the day, the 10Y yield dropped 6.51% on speculations that RBI intervened in the secondary market through on-screen OMO purchases. However, the 10Y point hardened to 6.53% as marke...

04 November, 2025 19:25:54

Nuvama Fixed Income Advisory Report : Bond Vector November-03-2025

Yields end the day better • The 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.53% on Monday. • Over the day, IGB 10Y bond yield surged to 6.56% on profit-booking ahead of tomorrow’s SDL auction where the states would raise less than indicated in the calendar. • The SDL ...

03 November, 2025 21:04:09

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

Yields end the day lower • The 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.57%. • Over the day, IGB 10Y bond yield touched the high of 6.59% before the IGB weekly auction cutoff. The IGB auction witnessed mixed demand as two out of the four bonds were of longer duration...

31 October, 2025 19:12:02

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

Yields end the day higher • On Thursday, the 10-year benchmark government bond (6.33% GS 2035) opened 1 bp higher at 6.55% tracking the rise in US Treasury yields. • The US 10Y yield surged after Fed Powell pushed back against expectations for a December cut. The FOMC cut federal fund rate by 2...

30 October, 2025 21:27:57

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

Yields end the day flat • The 10-year benchmark government bond (6.33% GS 2035) opened 1bp lower at 6.53% on Wednesday. • The market participants remained focused on tonight’s FOMC policy decision, with range bound movement in IGB 10Y bond yield. • Federal Reserve is expected to cut federal f...

29 October, 2025 18:54:58

Nuvama Fixed Income Advisory Report : Bond Vector October-28-2025

Yields end the day better • On Tuesday, the 10-year benchmark government bond (6.33% GS 2035) opened 1bp higher at 6.54. • Over the day, market participants remained focused on the US FOMC meeting scheduled for tomorrow night, particularly in light of the ongoing US government shutdown, with e...

28 October, 2025 19:11:44

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

Yields end the day higher • On Monday, the 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.53%. • The INR depreciated by ~43 paise and closed at 88.26/$ likely due to strengthening in crude oil prices. The Brent crude has risen ~ 5% over the week, after the US announced san...

27 October, 2025 21:30:01

Nuvama Fixed Income Advisory Report : Bond Vector October-24-2025

Yields end the day lower • On Friday, the 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.54% • Over the day, profit-booking extended even today taking the 10Y bond yield to 6.56%; however few traders also covered their short positions after the heavy sell-off witnessed yes...

24 October, 2025 23:18:34

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

Yields end the day better • On Thursday, the 10-year benchmark government bond (6.33% GS 2035) opened 2bps lower at 6.49% tracking the fall in US Treasury yields. • Meanwhile, over the day 10Y bond yields hardened on profit-booking amid signs that a trade deal between US-India could reduce tar...

23 October, 2025 18:45:16

Nuvama Fixed Income Advisory Report : Bond Vector October-17-2025

Yields end the day better • On Friday, the 10-year benchmark government bond (6.33% GS 2035) opened 2 bps lower 6.49% ahead of the weekly IGB auction. • RBI offered 6.01% GS 2030 at 6.1252% for ~$2.04 Bn (INR 180 Bn) and 7.09% GS 2074 at 7.1782% for ~$1.36 Bn (INR 120 Bn) at auction. The 50-ye...

17 October, 2025 22:54:25

Nuvama Fixed Income Advisory Report : Bond Vector October-16-2025

Yields end the day higher • On Thursday, the 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.48%, exhibiting a positive bias following the release of the RBI MPC minutes on Wednesday after market hours. • The minutes boosted market sentiment, fueling expectations of a furt...

16 October, 2025 18:33:29

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

•India G-Sec yields closed 1 bp higher at 6.58% in September, driven by various factors: status quo by the RBI MPC, reduction in government’s H2FY26 borrowing, 25bps rate cut by the Federal Reserve. •The RBI MPC kept the repo rate unchanged at 5.5% with a neutral stance, as expected. It lowered ...

16 October, 2025 18:31:48

Nuvama Fixed Income Advisory Report : Bond Vector October-15-2025

Macro and Government Bond Commentary: Yields closed lower • The 10-year benchmark government bond (6.33% GS 2035) opened 1bp lower at 6.51% on Wednesday with focus on RBI MPC minutes. • Over the day, yields eased tracking the weakness in US 10Y bond yields after dovish comments by Fed ...

16 October, 2025 10:20:56

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II Will elevated core limit RBIs dovish ability?

India’s CPI inflation eased sharply to 1.54% YoY in September compared to 2.07% in August, driven by persistent cooling in food prices and a favorable base effect. This marks the lowest inflation level since June 2017 and was slightly below Bloomberg’s consensus estimate of 1.65%. The food basket...

15 October, 2025 19:10:12

Nuvama Fixed Income Advisory Report : Bond Vector October-14-2025

• The 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.52% on Tuesday, ahead of SDL auction. • Over the day, yields eased tracking the fall in US Treasury yields and slightly better than expected SDL auction cut-off. • The SDL auction amounting INR 128 Bn witnessed a rob...

14 October, 2025 20:48:33

Nuvama Fixed Income Advisory Report : Bond Vector October-13-2025

Yields end the day lower • On Monday, the 10-year benchmark government bond (6.33% GS 2035) opened 2 bps lower at 6.52%, after the size of the state bond auction, scheduled for Tuesday, turned out to be smaller than indicated. • The 8 states will borrow INR 128 Bn, lower than the indicated si...

14 October, 2025 10:19:11

Nuvama Fixed Income Advisory Report : Bond Vector October-10-2025

Macro and Government Bond Commentary: Yields closed higher • The 10-year benchmark government bond (6.33% GS 2035) opened flat at 6.52% ahead of the weekly IGB auction. • Over the day, 10Y bond yields eased as results of the INR 280 Bn weekly gilt auction showed firm appetite from long...

13 October, 2025 10:12:10

Nuvama Fixed Income Advisory Report : Bond Vector October-09-2025

Macro and Government Bond Commentary: Yields end the day higher • On Thursday, the 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.51% amid lack of fresh triggers. • Over the day, the 10Y yields hardened to 6.53% on profit-booking as market participants await Friday's ...

10 October, 2025 10:25:12

Nuvama Fixed Income Advisory Report : Bond Vector October-08-2025

Macro and Government Bond Commentary: Yields closed lower • The 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.50% on Wednesday. • Over the day, market participants booked profits amid the shift from offthe-run (6.33%, 2035) to on-the-run (6.48%, 2035). • On the dom...

09 October, 2025 10:20:32

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II Q3 SDL Borrowing Lower Than Expected; Market Eyes India CPI

The States and Union Territories plan to borrow around INR 2.81tn through state government securities in the Q3FY26, the Reserve Bank of India announced on 03rd Oct. The borrowing amount was slightly lower compared to Q2FY26 issuance of INR 2.86 tn and a ~12% decline from Q3FY25 issuance of I...

08 October, 2025 10:54:38

Nuvama Fixed Income Advisory Report : Bond Vector October-07-2025

Macro and Government Bond Commentary: Yields closed lower • The 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.52% on Tuesday, ahead of SDL auction. • The SDL auction amounting INR 94.1 Bn was conducted and RBI offered 9Y SDLs at 7.09% and 17Y SDL at 7.26%. The demand...

08 October, 2025 10:50:42

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

Macro and Government Bond Commentary: Yields closed higher • The 10-year benchmark government bond (6.33% GS 2035) opened 2 basis points lower at 6.49% on Monday, buoyed by a lower-than-expected supply of State Development Loans (SDLs) for the October-December quarter

07 October, 2025 09:31:58

Nuvama Fixed Income Advisory Report : Bond Vector October-03-2025

Macro and Government Bond Commentary: Yields closed lower • On Friday, the 10Y benchmark (6.33 GS 2035) opened steady at 6.51% ahead of new 10Y G Sec auction. • The optimism around rate cuts following the Monetary Policy Committee decision on Wednesday supported the rally. The cut-off for ...

06 October, 2025 10:51:52

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI MPC Meeting Review Oct 2025

RBI MPC maintained status quo, policy rates unchanged at 5.5% and neutral policy stance retained The Reserve Bank of India led monetary policy committee kept policy rates unchanged at 5.5% (in line with market expectations) and maintained its ‘neutral’ stance, marking the second consecutive pa...

03 October, 2025 10:28:33

Nuvama Fixed Income Advisory Report : Bond Vector October-01-2025

Macro and Government Bond Commentary: Yields closed lower • On Wednesday, the 10Y benchmark (6.33 GS 2035) opened steady at 6.57% as market participants-maintained caution ahead of RBI MPC policy outcome. • The Reserve Bank of India led monetary policy committee kept policy rates unchang...

03 October, 2025 10:23:37

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

Macro and Government Bond Commentary: Yields closed higher • On Tuesday, the 10Y benchmark (6.33 GS 2035) opened steady at 6.55%. • The SDL auction amounting INR 341 Bn was conducted and RBI offered 10Y SDLs at 7.27% and 30Y SDL at 7.44%.

01 October, 2025 10:18:29

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI MPC Oct Meeting Preview-Will RBI Cut Rates Tomorrow

RBI MPC Oct meeting preview-Will RBI cut rates tomorrow? The Reserve Bank of India’s monetary policy committee is set to announce the resolution of the Oct 1st meeting outcome this Wednesday. With global uncertainty remained elevated in the wake of imposition of US trade tariffs on India, the...

30 September, 2025 11:05:56

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

Macro and Government Bond Commentary: Yields closed higher • On Monday, the 10Y benchmark (6.33 GS 2035) opened 1bp higher at 6.53% after the release of the Oct-Mar borrowing calendar. • Over the day, the 10Y yields elevated to 6.57% on profit-booking amid increase in the share of supply o...

30 September, 2025 11:00:46

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II H2FY26 G-Sec Calendar: Heavier Belly, Lighter Longer-End

H2FY26 G-Sec Calendar: Heavier Belly, Lighter Longer-End The GOI announced the calendar for marketable dated securities for the second half of the financial year 2026 this Friday. For the ongoing financial year, the GOI had pegged gross market borrowing via central government bonds at INR 14.8...

29 September, 2025 10:20:41

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

Macro and Government Bond Commentary: Yields closed higher • On Friday, the 10Y benchmark (6.33 GS 2035) opened 1 bp higher at 6.51% tracking the surge in 10Y UST after an upbeat US economic data. • Meanwhile, traders unwound their positions by booking profits after betterthan-expected IGB ...

29 September, 2025 10:17:07