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Indian bond yields at 1-week high on stock curbs

Indian bond yields at 1-week high on stock curbs
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First Published: Wed, Oct 17 2007. 11 10 AM IST
Updated: Wed, Oct 17 2007. 11 10 AM IST
Mumbai: Indian federal bond yields hit their highest in a week on Wednesday, 17 October, after proposals by the stock market regulator to curb foreign fund flows into shares triggered concerns about falls in available cash.
By 9:42am (0412 GMT), the 10-year bond yield was at 7.94% — its highest since 8 October. It had closed on Tuesday at 7.91%. “There is some weakness due to the Sebi (Securities and Exchange Board of India) move, which may temporarily change currency and stock market flows,” a trader with a primary dealer said.
The rupee fell to two-week lows within sight of 40 per dollar, and a plunge in stock markets triggered circuit breakers that shut them for one hour. The 30-share benchmark BSE index (Sensex) was down 7.91% and the broader NSE index (Nifty) was down 9.25%.
After markets had shut on Tuesday, the stock market watchdog proposed restricting foreign buying of shares through instruments known as participatory notes.
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First Published: Wed, Oct 17 2007. 11 10 AM IST
More Topics: Bonds | Sensex | Nifty | rupee | Sebi |