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The benchmark yield in India’s one-trillion-dollar sovereign bond market is holding remarkably steady despite a ballooning government borrowing program. A possible reason for the lull is that the central bank now holds more than half of the closely watched 10-year bond. The Reserve Bank of India has lifted its holding of the 5.85% 2030 bond to 545 billion rupees ($7.5 billion) or at least 52% of the total outstanding via Operation Twists, two tranches of government securities acquisition program and indirectly via a special auction in February, Bloomberg calculations show. The number is l...

(Bloomberg) -- The benchmark yield in India’s one-trillion-dollar sovereign bond market is holding remarkably steady despite a ballooning government borrowing program. A possible reason for the lull is that the central bank now holds more than half of the closely watched 10-year bond.The Reserve Bank of India has lifted its holding of the 5.85% 2030 bond to 545 billion rupees ($7.5 billion) or at least 52% of the total outstanding via Operation Twists, two tranches of government securities acqui

The Sensex is heading for a 1 per cent decline this week, less than the 3.5 per cent fall for the MSCI AC Asia Pacific index.

India’s Covid-19 crisis has so far failed to spark a deep stock selloff like that seen last year, and some asset managers point to less stringent curbs on activity as one factor at least for now. Even as the nation reports more than 300,000 confirmed infections and over 4,000 deaths a day, India’s benchmark equity index has been moving in line with regional peers. The S&P BSE Sensex index has declined 6.6% from a mid-February peak, about as much as the MSCI AC Asia Pacific index. That compares with a 23% tumble in the Sensex in March last year when the coronavirus pandemic started to ra...

Back to buying The surprisingly muted stock market reaction to India's virus disaster can also be seen in net outflows of foreign investors, which totaled about $1.5 billion in April versus $8.4 billion during the height of the rout last March. They turned net buyers of Indian equities this week after four straight weeks of outflows. More limited and regional lockdown measures being implemented by state governments have prevented a slide in economic activity like last year, but the risk is that the outbreak may prompt a sharp escalation in restrictions again. "A national lockdown is not price...