NSE REPORT
Volumes on the wholesale debt market segment of the National Stock Exchange (NSE) almost doubled yesterday to Rs 222.28 crore. With the call rate remaining over 9.5 per cent, tradings were restricted to short-end securities.
For the state government loans auctioned yesterday, oversubscription was to the tune of Rs 1,300 crore, and the entire bid was accepted, leading to a tightness in the market. The total outflow amounted to Rs 4,400 crore. The most active papers were zero-coupon 2000 and 91-day treasury bill maturing on January 9,1999. While the zero-coupon 2000 traded for Rs 35 crore at a weighted yield of 11.27 per cent, the 91-day treasury bill traded for Rs 47.37 crore giving a yield of 9.99 per cent. The 12 per cent 1999 paper received lot of interest and was dealt for Rs 25 crore, giving a weighted yield of 10.89 per cent. The zero-coupon 1999 also received five trades worth 21 crore with a weighted yield of 10.27 per cent.
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Dealers said the overall sentiment was bearish with prices moving down a bit. Trade on long end securities continued to be insignificant. There were no repo deals and only one commercial paper (CP) deal for IPCL, which traded for Rs 5 crore at a weighted yield of 11.25 per cent.
In the debenture market, the volume was Rs 255.74 crore on the back of Rs 249 crore trade in zero-coupon of Reliance Petro maturing in 2001 at a weighted yield of 18.21 per cent.