Indian sovereign bond ended at 6.55% vs 6.46%, up by 9 bps from its previous close. The Reserve Bank of India bought Rs 10,000 crore of 10-year bonds from the secondary market, while selling Rs. 8,501 crore of short-term bonds, in the special open market operations, held for the second time in 2019.
Indian equity markets had a volatile month, declining in the first half as the RBI surprised negatively by keeping policy rates on hold and sharply reducing FY20 GDP forecast by 110 bps to 5%. Moreover, OPEC+ announced oil production cuts leading to sharp surge in crude prices.
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