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The Indian sovereign bonds traded lower Tuesday ahead of the November consumer prices data. Also, the investors moved away from safe-haven buying following weakness in the U.S. Treasuries.
The yield on the benchmark 10-year bonds, which moves inversely to its price, rose 1 basis point to 6.44 percent, the yield on 24-year note bounced nearly 3 basis points to 6.99 percent and the yield on short-term 3-year note climbed 2 basis points to 6.25 percent by 07:10 GMT.
The November Consumer Price Index is expected to cool down as the data accommodates the impact of the government's decision to demonetise high-value currency notes that month, reported NDTV Profit.
According to a Reuters poll of over 20 economists, the CPI inflation is expected to come down to 3.90 per cent in November as against 4.20 per cent reported in October this year. At this rate, it would be the lowest rate of inflation measured by consumer price index in the past 14 months, they added.
Markets will remain focused on the Federal Reserve last monetary policy decision for 2016, which is scheduled to be released on December 14. The Federal Reserve is expected to increase the target range of the key interest rate by 25 basis points to 0.50-0.75 percent, with a unanimous decision.
Little change to the statement, though the Committee is likely to acknowledge that market-based measures of inflation compensation have risen further. The yield on the benchmark 10-year Treasury note rose 5 basis points to 2.51 percent, hitting highest since October 2014.
Last week, the Reserve Bank of India (RBI) kept the benchmark repo rate unchanged at the two-day bi-monthly policy decision based on an overall assessment of the macroeconomic conditions, with an objective of achieving stable consumer price inflation.
The RBI’s Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25 percent. Consequently, the reverse repo rate under the LAF remains unchanged at 5.75 percent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.
The decision of the MPC remains consistent with the objective of achieving consumer price index (CPI) inflation at 5 percent by Q4 of 2016-17, while maintaining a medium-term target of 4 percent within a band of +/- 2 percent, while supporting growth.
Meanwhile, the benchmark 30-share Sensex is up 0.24 percent to 26,583, while 50-share Nifty is jumped 0.05 percent to 8,187 at 7:30 GMT.
