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INDIA: Country Wrap: Foreign Investors Buying Indian Bonds

INDIA
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  • Foreign investors increased their holdings of index-eligible Indian bonds by more than a billion dollars on Friday, the largest jump since such bonds were added to a JPMorgan index last year.  Foreign holdings of ($1.31 billion) on Feb. 28, data from the Clearing Corp. of India show (source: BBG)
  • India’s HSBC February PMI moderated to the lowest reading since late 2023.   At +56.3 it was significantly down from January’s +57.7.  Output is down to +58.1 from +60.1 and the fall in new orders from prior month taking it to the lowest reading since December 2023.  India's Central Bank cut rates at their last meeting by 25bps sighting concerns about the softening in growth. (source: MNI – Market News).
  • After falling almost 3% last week, India’s NIFTY 50 is starting the week down by -0.27%.
  • INR: the rupee has gained +0.2% in early trading to be 87.33
  • Bonds: India’s 10YR finished 2bp higher last week and starts the new week with a softer tone at 6.735% (+1bp)
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  • Foreign investors increased their holdings of index-eligible Indian bonds by more than a billion dollars on Friday, the largest jump since such bonds were added to a JPMorgan index last year.  Foreign holdings of ($1.31 billion) on Feb. 28, data from the Clearing Corp. of India show (source: BBG)
  • India’s HSBC February PMI moderated to the lowest reading since late 2023.   At +56.3 it was significantly down from January’s +57.7.  Output is down to +58.1 from +60.1 and the fall in new orders from prior month taking it to the lowest reading since December 2023.  India's Central Bank cut rates at their last meeting by 25bps sighting concerns about the softening in growth. (source: MNI – Market News).
  • After falling almost 3% last week, India’s NIFTY 50 is starting the week down by -0.27%.
  • INR: the rupee has gained +0.2% in early trading to be 87.33
  • Bonds: India’s 10YR finished 2bp higher last week and starts the new week with a softer tone at 6.735% (+1bp)