The Reserve Bank of India’s decision to buy and sell government debt worth Rs 20,000 crore through open market operations (OMO) brought the 10-year bond yield down on Tuesday but market participants are not convinced in how long it will stay there. The 10-year bond yield closed at 6.15% on Tuesday, down from its 6.22% closing on the previous day. The central bank’s ‘Operation Twist’ is being termed by many as a step in the right direction. “Rs 20,000 crore OMO is a good beginning, but we need more such measures for a substantial and lasting impact,” said Deepak Jasani, Head – Retail Research, HDFC Securities.
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