Yields on corporate bonds maturing in less than five years fell in the secondary market because of surplus liquidity in the system and firm demand from mutual funds, dealers said. The fall in yields can also be attributed to lower issuances in the primary market. Yields on three-year corporate bonds fell 10-15 basis points, and five-year bonds saw moderation of 5-7 bps in the secondary market, according to money market dealers.
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