AIMIN

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

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

Macro and Government Bond Commentary: Yields closed higher • On Thursday, the 10Y benchmark (6.33 GS 2035) opened steady at 6.49% on caution ahead of government's Oct-Mar borrowing calendar and upcoming RBI MPC policy. • Market participants now await the IGB auction results on Friday (6.68...

26 September, 2025 10:32:50

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II What next for INR

On 1st Feb, when US imposed tariffs on China, few could have anticipated that President Trump would also target India, particularly given the camaraderie between Trump and Prime Minister Modi. But that’s what happened and Indian rupee had the most volatile period ever since. In the same perio...

25 September, 2025 16:24:09

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

Macro and Government Bond Commentary: Yields closed higher • On Wednesday, the 10Y benchmark (6.33 GS 2035) opened flat at 6.47% as investors awaited the upcoming borrowing calendar and RBI policy outcome due later this month. • T-Bill auction worth INR 210 Bn was fully subscribed and cut...

25 September, 2025 10:19:41

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

Macro and Government Bond Commentary: Yields closed lower • On Tuesday, the 10Y benchmark (6.33 GS 2035) opened steady at 6.50% ahead of the larger than expected supply of the state bonds. • Over the day, yields of 10-year IGB fell to 6.47% after the cut-off yields at the state bond aucti...

24 September, 2025 10:39:35

Nuvama Fixed Income Advisory Report : Bond Vector September-22-2025

Macro and Government Bond Commentary: Yields closed flat • On Monday, the 10Y benchmark (6.33 GS 2035) opened steady at 6.49%. • Over the day, 10-year IGB yields surged ahead of the larger-thanindicated state bond auction Tuesday. The States are set to raise around INR 270 billion, signific...

23 September, 2025 10:29:13

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

Macro and Government Bond Commentary: Yields closed lower • On Friday, the 10Y benchmark (6.33 GS 2035) opened 1 bp higher at 6.52% tracking a rise in UST yields after better-than-expected US weekly jobless claims data. • However, yields plunged on optimism that Indian bonds might get i...

22 September, 2025 12:14:46

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

Macro and Government Bond Commentary: Yields closed higher • On Thursday, the 10Y benchmark (6.33 GS 2035) opened higher at 6.49% vs 6.47% tracking a rise in UST yields despite the US FOMC cut federal fund rates by 25 bps to 4.00-4.25% to support the labour market. • Fed decision was widel...

19 September, 2025 10:30:40

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

Macro and Government Bond Commentary: Yields closed lower • On Wednesday, the 10Y benchmark (6.33 GS 2035) opened steady at 6.48% as market participants-maintained caution ahead of the US FOMC outcome due tonight. • The Federal Reserve is widely expected to cut federal fund rate by 25bps...

18 September, 2025 10:16:17

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

Macro and Government Bond Commentary: Yields closed lower • On Tuesday, the 10Y benchmark (6.33 GS 2035) opened steady at 6.49% ahead of debt supply from states, while the market participants remained cautious ahead of the interest rate decision of the US FOMC. • The Fed's decision is due...

17 September, 2025 10:40:38

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

In this edition of Bond Compass, we highlight the key themes for Aug/early Sep : • India G-Sec yields closed 19 bps higher at 6.57% in August, driven by various factors: status quo by the RBI MPC, the announcement of 50% tariff imposed by the US, GST cut and fears of fiscal slippage. • The GST...

16 September, 2025 14:55:25

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

Macro and Government Bond Commentary: Yields closed higher • On Monday, the 10Y benchmark (6.33 GS 2035) opened steady at 6.48% as market participants-maintained caution ahead of US FOMC policy outcome. • The uptick in India’s CPI inflation for August increased bets of a status quo by RBI a...

16 September, 2025 10:24:47

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

Macro and Government Bond Commentary: Yields closed higher • On Friday, the 10Y benchmark (6.33 GS 2035) opened flat at 6.46% ahead of the weekly gilt auction and India’s CPI inflation data. • India’s August CPI inflation came at 2.07% compared to expectations of 2.10% and 1.55% in July, o...

15 September, 2025 11:16:27

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

Macro and Government Bond Commentary: Yields closed lower • On Thursday, the 10Y benchmark (6.33 GS 2035) opened slightly lower at 6.47% amid lack of firm cues on the domestic front. • The local currency fell to a record-low of 88.47/$ on the back of heavy dollar buying by importers amid u...

12 September, 2025 10:41:29

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

Macro and Government Bond Commentary: Yields closed lower • On Wednesday, the 10Y benchmark (6.33 GS 2035) opened steady at 6.49% in absence of fresh cues. • Over the day, yields surged, making an intraday high of 6.52% on further profit-booking by market participants with focus on H2FY26 bo...

11 September, 2025 10:18:09

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

Macro and Government Bond Commentary: Yields closed higher • On Tuesday, the 10Y benchmark (6.33 GS 2035) opened 1 bp lower at 6.46% vs 6.47%, tracking the fall in US Treasury yields, as the sharply lower US nonfarm payrolls data induced traders to fully factor in a 25bps rate cut by the F...

10 September, 2025 10:17:03

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

Macro and Government Bond Commentary: Yields closed lower • The 10Y benchmark (6.33 GS 2035) opened steady at 6.49% and slumped further to touch 6.47% levels tracking the overnight decline in 10Y UST. • However, in absence on any incremental cues the 10Y point closed 2 bps down at 6.47% vs...

07 September, 2025 12:54:37

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II GST 2.0 – Macro Concerns Remain

GST 2.0 – Macro concerns remain The bond market sentiment turned positive as fears of higher borrowing eased after the 56th meeting of GST Council rationalised current 4-tiered tax rate structure into a simple 2-tier rate structure. As per the Council’s assessment the fiscal impact of rate r...

07 September, 2025 12:53:25

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

Macro and Government Bond Commentary: Yields closed lower • The 10Y benchmark (6.33 GS 2035) opened 1 bp lower at 6.53% as the fears of extra borrowing in FY26 eased after the outcome of the GST Council meeting late Wednesday. • The government estimates a net revenue loss of around INR 480...

05 September, 2025 10:22:31

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

Macro and Government Bond Commentary: Yields closed lower • The 10Y benchmark (6.33 GS 2035) opened 1 bp lower at 6.56% on the back of short covering amid lack of lucrative cues. • T-Bill auction worth INR 210 Bn was fully subscribed and cut offs were, 3M – 5.51%, 6M - 5.62% and 1Y - 5.67%

04 September, 2025 10:20:08

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

Macro and Government Bond Commentary: Yields closed lower • The 10Y benchmark (6.33 GS 2035) opened steady at 6.59% ahead of large state govt bond supply. • The SDL auction cut offs, amounting INR 316.5 Bn came in slightly lower than market expectations. The 10Y point closed 2 bps lower at...

03 September, 2025 10:28:49

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II India Bond Yields Surge as RBI Stays on Sidelines

Since July 22nd, the 10-year Government Security (G-Sec) has hardened by nearly 30 bps to trade around the 6.60% mark, reflecting a series of domestic and global developments that weighed on sentiment. Starting with, the Monetary Policy Committee (MPC) kept the repo rate unchanged at 5.50% in ...

03 September, 2025 10:27:21

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

Macro and Government Bond Commentary: Yields closed higher • The 10Y benchmark (6.33 GS 2035) opened 2 bps higher at 6.59% and briefly touched 6.63%, as the stronger-than-expected Q1 FY26 GDP print released on Friday dampened expectations of near-term rate cuts and higher than indicated S...

02 September, 2025 10:52:22

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

Macro and Government Bond Commentary: Yields closed higher • The 10Y benchmark (6.33 GS 2035) opened 2 bps higher at 6.55% as market participants awaited the IGB auction cut-offs and domestic GDP print. • RBI offered 6.68% GS 2040 at 6.9646% for INR 160 Bn and 6.90% GS 2065 at 7.3786% for ...

01 September, 2025 10:14:29

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

Macro and Government Bond Commentary: Yields closed lower • The 10Y benchmark (6.33 GS 2035) opened steady at 6.60%. • T-Bill auction worth INR 210 Bn was fully subscribed and cut offs were, 3M - 5.51%, 6M - 5.60% and 1Y - 5.64%. • The 10Y point closed 7 bps down at 6.53% Vs 6.60% as trader...

29 August, 2025 10:29:03

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

Macro and Government Bond Commentary: Yields closed flat • The 10Y benchmark (6.33 GS 2035) opened steady at 6.60%, ahead of large SDL auction. • The SDL auction cut offs, amounting INR 341.5 Bn came in higher than market expectations, prompting a rise in yields.

28 August, 2025 10:19:34

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened 2 bps down at 6.53%, tracking the decline in US Treasuries after the 10Y UST fell 7 bps to 4.26% on Friday. • The move followed Fed Chair Jerome Powell’s remark at Jackson Hole Econom...

26 August, 2025 10:15:37

Nuvama Fixed Income Advisory Report : Bond Vector August-22-2025

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened 1 bp up at 6.54%, as market participants-maintained caution ahead of IGB auction. • RBI offered 5.91% GS 2028 at 6.0032% for - INR 60 Bn and 6.33% GS 2035 at 6.5553% for INR 300 Bn.

25 August, 2025 10:34:26

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened steady at 6.50%. • In a key meeting on Thursday, the Group of Ministers on GST rate rationalization agreed to the Centre’s proposal to reduce GST slabs to two — 5% and 18% — simplifyi...

22 August, 2025 10:35:56

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II Next-Generation GST Reforms Proposed to Streamline Tax Rates

Next-Generation GST Reforms Proposed to Streamline Tax Rates During his address to the nation on 79th Independence Day (15th Aug 2025) Prime Minister Modi announced the introduction of Next-Generation GST reforms by this Diwali, aimed at reducing taxes on daily-use items. The current four-ra...

22 August, 2025 10:35:09

Nuvama Fixed Income Advisory Report : Bond Vector August-20-2025

Macro and Government Bond Commentary: Yields closed lower today • The 10Y benchmark (6.33 GS 2035) opened steady at 6.52% due to absence of any incremental cues. • T-Bill auction worth INR 210 Bn was fully subscribed and cut offs were, 3M - 5.49%, 6M - 5.58% and 1Y - 5.60%

21 August, 2025 10:38:05

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened flat at 6.50% in absence of fresh cues. • RBI SDL auction results: RBI offered 10Y SDLs at 7.09%, 15Y SDL at 7.39% and 30Y SDL at 7.44%.

20 August, 2025 10:49:36

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened 3 bps up at 6.43%, tracking hardening in US treasury yields and the Govt’s announcement of GST reforms. • Yields moved further up during the session amid the persistent concerns ove...

19 August, 2025 10:29:11

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

Macro and Government Bond Commentary: Yields closed lower today • The 10Y benchmark (6.33 GS 2035) opened 1 bp down at 6.47%, as market participants awaited IGB Auction result for further directions. • RBI offered 6.01% GS 2030 at 6.2572% for INR 150 Bn and New GS 2055 at 7.24% for INR 13...

18 August, 2025 10:26:48

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

Macro and Government Bond Commentary: Yields closed lower today • The 10Y benchmark (6.33 GS 2035) opened steady at 6.48%. • The 10Y point closed 1 bps down at 6.48% Vs 6.49%, as traders covered short bets. • The INR appreciated and closed at 87.44, with DXY hovering around 97.7 levels.

14 August, 2025 10:36:15

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

In this edition of Bond Compass, we highlight the key themes for Jul/early Aug : • India G-Sec yields closed 5-6 bps higher in July, driven by lingering uncertainty around potential US tariffs on Indian exports, continued weakness in Indian rupee and participants anticipating a status quo on ra...

13 August, 2025 10:57:34

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened steady at 6.44% as market participants cautiously awaited domestic and U.S. inflation data for further cues. • India’s net direct tax collection falls 3.95% YoY this fiscal till Augus...

13 August, 2025 10:51:10

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened flat at 6.41%. • The 10Y point closed 3 bps up at 6.44% Vs 6.41%, as caution prevailed ahead of India and US CPI print

12 August, 2025 10:27:10

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened flat at 6.39%, as market participants awaited the outcome of weekly IGB auction for further directions. • The 10Y point closed 2 bps up at 6.41% Vs 6.39%, after the sudden sell off in...

11 August, 2025 10:32:34

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

Macro and Government Bond Commentary: Yields closed lower today • The 10Y benchmark (6.33 GS 2035) opened 1 bp down at 6.41%. • The 10Y point closed 3 bps down at 6.39% Vs 6.42% as traders covered short bets.

08 August, 2025 09:51:27

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened flat at 6.33%, as market participants awaited the RBI MPC outcome. • The MPC kept the repo rate unchanged at 5.5% in its August policy meeting and maintained its ‘neutral’ stance of m...

07 August, 2025 09:45:14

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI MPC August Meeting Review–RBI MPC Maintained Status Quo

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. The decision was unanimous, with a...

06 August, 2025 17:18:03

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened flat at 6.32%, as traders stayed cautious ahead of RBI MPC outcome to be announced tomorrow. • RBI SDL auction results: RBI offered 10Y SDLs at 6.87%, 15Y SDL at 7.22% and 30Y SDL at ...

06 August, 2025 09:45:55

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI MPC August Meeting Preview–Committee Likely to Maintain Status Quo

A quick review of macros since the June MPC meeting: India Q4 GVA growth came in at 6.77% vs 6.5% previous – aided by higher positive contribution to growth from manufacturing as well as construction activity. The exports contribute ~ 21.2% to India’s GDP. The US president Donald Trump announc...

06 August, 2025 09:45:01

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

Macro and Government Bond Commentary: Yields closed lower today • The 10Y benchmark (6.33 GS 2035) opened 3 bps down at 6.34%, tracking the easing in 10-year US treasury yields after weaker economic data fueled bets of a September U.S. rate cut.

05 August, 2025 09:03:26

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

Macro and Government Bond Commentary: Yields closed flattish today • The 10Y benchmark (6.33 GS 2035) opened flat at 6.37% as market participants stayed cautious ahead of fresh debt supply through the weekly auction. • The auction cut offs for longer duration came in slightly better than ...

04 August, 2025 09:09:58

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

Macro and Government Bond Commentary: Yields closed flattish today • The 10Y benchmark (6.33 GS 2035) opened 2 bps higher at 6.39% after weakness in local currency and hawkish commentary from the U.S. central bank. The Federal Open Market Committee (FOMC) voted 9-2 to keep the federal fun...

01 August, 2025 10:42:12

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened 1 bp lower at 6.35%. Throughout the day bonds traded with weak sentiment ahead of FOMC meeting outcome due today post market hours and weakness is rupee. The10Y point closed 1 bp up ...

31 July, 2025 10:20:13