AIMIN

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

• On Tuesday, the 10-year benchmark government bond (6.48% GS 2035) opened 3bps lower at 6.92% tracking the overnight fall in Brent crude oil prices on hopes of a permanent ceasefire in West Asia. • Over the day, 10Y yield stayed weaker on likely FPI inflows in bond market as an aftermath of mea...

09 June, 2026 19:48:01

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

• On Monday, the 10-year benchmark government bond (6.48% GS 2035) opened flat as the escalation in the West Asia war may offset the impact of measures taken by the RBI MPC to attract foreign inflows. • Over the day, the fall in Brent crude oil after US Trump said Israel and Iran are looking to ...

08 June, 2026 19:12:02

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

• On Friday, the 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.99% ahead of the RBI MPC outcome. • Over the day, 10Y bond yield dropped to 6.93% after Reserve Bank of India led monetary policy committee unanimously kept policy repo rate unchanged at 5.25%. • India's Q4FY26 ...

05 June, 2026 19:46:16

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II India MPC meeting review Jun26

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 voted for a ‘neutral’ policy stance. This decision was taken assessing the evolving macroeconomic and fi...

05 June, 2026 19:44:43

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

• On Thursday, the 10Y benchmark (6.48 GS 2035) opened steady at 7.02% on caution ahead of MPC decision due tomorrow. • During the day, the 10Y point see-sawed within the tight range, tracking the move in Brent amid caution ahead of the MPC outcome. • Tomorrow, the RBI MPC is expected to keep t...

04 June, 2026 20:16:13

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

• On Wednesday, the 10-year benchmark government bond (6.48% GS 2035) opened 1bp higher at 7.02% as Brent crude oil prices rose past the key level of $95/barrel but remained below the psychologically crucial level of $100/barrel. • Over the day, the 10Y point briefly recovered after news report ...

03 June, 2026 20:11:05

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI MPC Jun meeting preview Hike or no Hike

Since the April RBI MPC, the macro landscape hasn’t changed significantly, the US-Iran war escalation has kept the global risk sentiment, oil prices, and inflation expectations on an edge. So, against this background we expect the RBI MPC to have a hawkish tint while maintaining a status quo at t...

03 June, 2026 20:09:51

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

• On Tuesday, the 10-year benchmark government bond (6.48% GS 2035) opened flat at 7.02% on caution ahead of the RBI Monetary Policy Committee decision. • Over the day, 10Y yield dropped to 6.98% tracking the fall in crude oil prices and short-covering by traders. Brent crude for delivery in Aug...

03 June, 2026 20:07:03

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II How does India Local FI stack vs Other EMs DMs

In this note, we evaluate how does India local currency sovereign debt stack vs Major Emerging & Developed Markets from the perspective of $ investor. By comparing USD equivalent yields after adjusting for FX hedging costs alongside sovereign credit and macroeconomic fundamentals, we assess the r...

02 June, 2026 17:09:16

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

• On Monday, the 10-year benchmark government bond (6.48% GS 2035) opened 1 bp up at 7.01%, as Brent crude oil prices inched up from the close on Friday, amid a lack of progress in US-Iran peace talks. • Market participants-maintained caution ahead of RBI’s MPC meeting outcome on Friday. • The...

01 June, 2026 19:40:47

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

• On Friday, the 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.99% amid no clarity over the end of the US-Iran war. • Over the day, 10Y yield see-sawed tracking a sharp fall in prices of Brent crude oil however traders placed short bets tracking the intraday movement in Bren...

01 June, 2026 11:47:44

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

• On Wednesday, the 10-year benchmark government bond (6.48% GS 2035) opened 1bp lower at 6.98% due to lack of significant cues. • Over the day, 10Y yield see-sawed rising to 7% on profit-booking by some traders, and then falling to 6.97% tracking Brent crude oil prices. Also, hopes of a peace a...

27 May, 2026 18:41:55

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

• On Tuesday, the 10-year benchmark government bond (6.48% GS 2035) opened flat at 7.04% due to a lack of significant domestic cues. • Over the day, 10Y yield dropped on an easing in Brent crude oil prices intraday from over $100/barrel. • Meanwhile, the SDL auction cut-off yield was largely in...

26 May, 2026 19:28:11

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II What Is Holding Back FPI Flows into Indian Fixed Income

Foreign investor participation in Indian debt markets continues to remain cautious despite the recent rise in domestic bond yields, with the benchmark 10-year government bond yield climbing to 7.1435%, its highest level since May 8, 2024. So far since Mar 2026, FPI have sold INR 91.99Bln worth of...

26 May, 2026 12:30:36

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

•India Gsec yields stayed ranged bound in between 6.87-7.13% to end flat at 7.01% amidst concerns over West Asia conflict. The benchmark yield showed some downward correction on reports of war ending soon, but delay in formal peace deal, kept local yield afloat. •INR hit record low of 95.33/$ at...

26 May, 2026 11:06:59

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

• On Monday, the 10-year benchmark government bond (6.48% GS 2035) opened 5bp lower at 7.04% as Brent crude oil prices fell overnight to trade below the psychologically crucial level of $100/barrel. • Over the day, the 10Y point stayed range bound as some traders booked profits at levels seen as...

25 May, 2026 19:37:35

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

• On Friday, the 10-year benchmark government bond (6.48% GS 2035) opened 2bps lower at 7.09% tracking the overnight fall in Brent crude oil futures and US Treasury yield. • The sentiments got further boost after a news report, cited sources, that the Reserve Bank of India's Monetary Policy Comm...

22 May, 2026 19:17:22

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

• On Thursday, the 10Y benchmark (6.48 GS 2035) opened 4bp lower at 7.04% due to heightened expectations of a peace deal between the US and Iran. • During the day, the 10Y point jumped, erasing earlier gains after a Bloomberg report that the Reserve Bank of India was considering a repo rate hike...

21 May, 2026 22:07:15

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

• On Wednesday, the 10Y benchmark (6.48 GS 2035) opened 2bp higher at 7.13% tracking the sharp overnight rise in US 10Y bond yield amid rise in crude oil prices. • Over the day, yields reversed due to an intraday decline in US Treasury yields and Brent crude prices. • Also, expectations of high...

20 May, 2026 18:47:23

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

• On Tuesday, the 10-year benchmark government bond (6.48% GS 2035) opened flat at 7.14% as the Brent crude oil prices eased slightly below the key $110/barrel mark. • Over the day, 10Y yield dropped to 7.09% level on demand by traders in absence of any major escalation in the West Asia conflict...

19 May, 2026 21:08:42

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

• On Monday, the 10-year benchmark government bond (6.48% GS 2035) opened 3bp higher at 7.09% on higher oil prices and uptick in US Treasury yields. • Brent crude oil prices firmed up to over $110/barrel on fears of an escalation of hostilities in West Asia while the US Treasury yields rose to 4...

18 May, 2026 19:28:39

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

• On Friday, the benchmark 10-year government bond (6.48% GS 2035) opened 3 bps higher at 7.05%, tracking overnight hardening in 10Y UST yields. The 10Y UST yield breached 4.50% amid inflation concerns and softer demand at recent US Treasury auctions. • The INR fell sharply and touched all-tim...

16 May, 2026 16:56:30

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

• On Thursday, the benchmark 10-year government bond (6.48% GS 2035) opened steady at 7.04% • The benchmark yields briefly eased toward 7% levels amid reports that the Government may significantly cut taxes on foreign investors in Indian bonds. • However, some gains were pared after WPI inflati...

14 May, 2026 21:03:47

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II Deja Vu from 2022 Oil Shock

In this note, we revisit the 2022 crude oil shock triggered by the onset of the Russia–Ukraine war and examine its impact on India’s inflation and bond yields. We draw parallels with the current rise in oil prices driven by escalating US–Iran tensions to assess whether Indian fixed income markets...

14 May, 2026 14:57:22

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

• On Wednesday, the benchmark 10-year government bond (6.48% GS 2035) opened steady at 7.05%. • The benchmark yield eased to an intraday low of 7.02% as buying interest emerged from some market participants at attractive yield levels. • As the day progressed, the gains were pared as Brent crude...

13 May, 2026 19:53:44

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

• On Tuesday, the benchmark 10-year government bond (6.48% GS 2035) opened 2 bps higher at 7.05%, tracking the rise in the 10-year UST, which was trading at 4.43%, amid elevated Brent crude oil prices. • Market sentiment remained cautious as Brent crude prices stayed elevated at around $107/bbl....

12 May, 2026 20:15:40

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

• On Monday, the benchmark 10-year government bond (6.48% GS 2035) opened 2 bps higher at 7.00%, tracking a sharp rise in Brent crude oil prices above $105/bbl after the US rejected Iran’s proposal as “totally unacceptable.” • The development heightened concerns over renewed tensions in the Mid...

11 May, 2026 21:32:02

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

• On Thursday, the 10-year benchmark government bond (6.48% GS 2035) opened 3 bps higher at 6.95% tracking an overnight rise in Brent crude oil prices above the $100 per barrel mark. • However, over the day yields eased and touched 6.91% amid an intraday decline in crude oil prices and appreciat...

07 May, 2026 19:25:05

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

• On Wednesday, the 10-year benchmark government bond (6.48% GS 2035) opened 3 bps lower at 6.99% amid overnight decline in Brent crude on expectations of a U.S.-Iran peace deal. • IGB yields eased further as Brent crude for July delivery fell below $100 per barrel for the first time in two week...

06 May, 2026 21:55:31

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

• On Tuesday, the 10-year benchmark government bond (6.48% GS 2035) opened 3 bps higher at 7.05% due to a rise in Brent crude oil prices and US Treasury yields. • In weekly SDL auction 5 states raised INR 186 Bn, the cut offs were broadly on expected lines. 10Y TN at 7.73%, 15Y TN at 7.80% & 25Y...

06 May, 2026 11:59:48

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

• On Monday, the 10-year benchmark government bond (6.48% GS 2035) opened steady at 7.01%. • During the day, yields eased to around 6.99%, tracking the intraday decline in Brent crude prices, which had fallen below $107 per barrel. However, crude oil prices rose later after reports of Iran’s at...

04 May, 2026 19:52:48

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

• The 10Y benchmark (6.48 GS 2035) opened 3bp higher at 7.03% tracking an overnight rise in Brent crude oil prices and US Treasury yields. • The US 10Y rose after the FOMC kept the policy rates unchanged, with some members of the panel favouring a tighter tone on monetary policy as inflation r...

30 April, 2026 19:57:02

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

• On Wednesday, the 10Y benchmark (6.48 GS 2035) opened steady at 6.98% as Brent crude oil prices remained largely amid no significant development in the West Asia war. • Over the day, yields stayed higher and elevated to 7% as Brent crude futures topped $115/barrel for the first time in nearly ...

29 April, 2026 21:03:55

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

• The 10-year benchmark government bond (6.48% GS 2035) opened 2bp higher at 6.96% on an overnight rise in crude oil prices and US Treasury yields. • Over the day, 10Y yield elevated further as the Brent crude futures surged past $110/barrel. • Meanwhile, the SDL auction witnessed better demand...

28 April, 2026 21:07:09

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

• On Monday, the 10-year benchmark government bond (6.48% GS 2035) opened 3bp higher at 6.96% tracking the rise in crude oil prices after US-Iran peace talks faltered. • Over the day, the 10Y point dropped on short-covering by traders amid intraday fall in crude oil prices. The appreciation in I...

27 April, 2026 21:07:43

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