Stock Market Summary
The Indian stock market experienced slight declines as the BSE Sensex dropped by 0.14% to close at 77,580.31 points. Similarly, the NSE Nifty was down by 0.11%, settling at 23,532.7. Investor sentiment was impacted by concerns about a potential slowdown in consumer spending, earnings moderation, and ongoing foreign outflows.
Rupee Performance
The Indian rupee weakened to a historic low, closing at 84.3950 against the U.S. dollar. Despite this record dip, the rupee outperformed several other Asian currencies, with support from dollar sales by state-run banks, which helped balance the impact of a strong dollar and weak equity performance.
Government Bond Yields
Government bond yields saw an uptick, with the benchmark 10-year bond quoted at 99.71 rupees, bringing the yield up by 2 basis points to 6.8294%. This increase was influenced by high U.S. bond yields, reflecting persistent global financial market pressures.
Overnight Index Swaps
The one-year overnight index swap rate rose by 2 basis points, reaching 6.57%, while the five-year swap rate also increased by 2 basis points, closing at 6.33%. These shifts indicate market anticipation of continued interest rate adjustments in response to international economic trends.
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