Indian bond yields off lows to end flattish before debt sale
By Dharamraj Dhutia
MUMBAI, July 4 (Reuters) -Indian government bond yields ended little changed on Thursday after fighting back from declines triggered by a slump in their U.S. peers, and as traders await the supply of fresh debt.
The benchmark 10-year yield IN071034G=CC ended at 6.9994%, following its previous close at 6.9987%.
Bond yields slipped earlier in the day, with the benchmark yield touching 6.98%, but the lack of further buying appetite led to a reversal till the end of the session, traders added.
A key market trigger on the horizon is the demand at the auction on Friday at which New Delhi aims to raise 280 billion rupees ($3.35 billion) by selling bonds, including the liquid 15-year paper.
"(The) bond market is waiting for stronger triggers, which could come only in the form of the full-year budget later this month, said Gopal Tripathi, head of treasury and capital markets at Jana Small Finance Bank.
U.S. yields eased on Wednesday, with the benchmark 10-year yield easing to 4.35%, amid weakness in economic data that bolstered bets of interest rate cuts in the world's largest economy.
The ISM non-manufacturing index was 48.8 in June, well below the 52.5 consensus and the 53.8 level in May. Initial unemployment claims rose to 238,000 in the week ended June 29, slightly above expectations of 235,000, while private payrolls rose by 150,000 jobs in June, below estimates of 160,000.
Despite the Federal Reserve having lowered its forecast to 25 basis points of rate cuts in 2024, investors are confident of rate cuts in September and December.
Markets also await U.S. non-farm payroll data due on Friday followed by inflation prints in India and the U.S. next week.
Barclays expects local retail inflation to have eased marginally to 4.6% on-year in June, from 4.75% in May, but eyes a sharp drop over the next few months.
($1 = 83.4690 Indian rupees)
Reporting by Dharamraj Dhutia; Editing by Savio D'Souza
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