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Lower estimate cheers bond mkt
July 24, 2024
|Business Standard
Rupee declines to new low due to fall in domestic equities
The lower fiscal deficit projection for financial year 2024-25 cheered the bond market as yields softened after the announcement but settled flat due to profit booking.
The bond market was expecting the fiscal deficit to be between 5 per cent and 5.1 per cent for the current financial year. This is against 4.9 per cent announced by Finance Minister Nirmala Sitharaman in the Budget.
The benchmark yield settled at 6.97 per cent on Tuesday, flat against Monday.
"Overall, the Budget was positive; the bond market was expecting the fiscal deficit target between 5 per cent and 5.1 per cent. There is resistance around 6.95 per cent and it is expected to trade within the range of 6.95-7 per cent for at least two weeks," said a treasury head at a private bank.
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