SIGMA signal is bearish; likely to remain Positive on IGBs
Standard Chartered notes as follows: Our Indian government bond (IGB) positioning indicator (SIGMA) for March dropped to -1.21 from -0.75 in February, providing a bearish signal for duration in April. On our scale, +5.00…
Our Indian government bond (IGB) positioning indicator (SIGMA) for March dropped to -1.21 from -0.75 in February, providing a bearish signal for duration in April.
On our scale, +5.00 indicates the maximum position of accumulated net buying by active investors in the past six months. Domestic mutual funds and foreign portfolio investors remained net buyers of IGBs in March.
Foreign banks and primary dealers remained net sellers, but the amount of selling declined substantially from February.
We maintain a Positive outlook on IGBs on expectations of further monetary easing in 2015.
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