印度3年期国债 (India3Y) 加自选

印度年期政府债券收益率为7.13%，高于5月6日触及的7.1%的一个月低点，因为市场评估了印度储备银行对印度主权债券需求上升的鹰派前景。在地缘政治风险上升和农业产出前景不确定的情况下，对印度通胀上升的长期担忧促使印度储备银行表示，其最终利率可能必须长期保持。印度央行还延长了其“撤资”政策，并将继续出售债务，这表明它认为印度金融体系中过多的流动性是造成通货膨胀的原因。尽管如此，在印度强劲的经济增长以及G-Sec被纳入多个债券基金的情况下，外国投资者的强劲需求支撑了G-Sec，从而降低了收益。在摩根大通将以卢比计价的G-Secs纳入其新兴市场政府债券指数后，大华银行紧随其后，推出了一只印度债券基金。

The yield on the Indian-year government bond was at 7.13%, above the one-month low of 7.1% touched on May 6th as markets assessed the hawkish outlook for the RBI against the rising demand for Indian sovereign bonds. Prolonged concerns of elevated inflation in India amid elevated geopolitical risks and an uncertain outlook for agricultural output drove the RBI to state that its terminal rate may have to be maintained for a prolonged period. The central bank also extended its “Withdrawal of Accommodation” policy and will continue to sell debt, a sign it believes that too much liquidity in the Indian financial system is responsible for inflation. Still, G-Secs were supported by strong demand from foreign investors amid India’s robust economic growth and their inclusion in multiple bond funds, lowering yeilds. After JPMorgan included rupee-denominated G-Secs in its emerging markets government bond index, UOB followed suit and launched an Indian bond fund.

周二，BSE指数下跌384点，跌幅0.5%，收于73511.85点，为两周多来的最低点，受更广泛的市场抛售和权重股下跌的推动。电网、JSW钢铁、塔塔钢铁、NTPC、印度工业银行、HCL Tech、塔塔汽车、M&M、ICICI银行、Titan和Axis银行领跌Sensex指数，跌幅高达3.8%。尽管全球出现了积极的迹象，但印度大选投票率出乎意料地低，交易员们似乎越来越谨慎。议会下院人民院的七个选举阶段中的第三阶段正在进行中。另一方面，印度斯坦联合利华、Tech Mahindra、雀巢印度公司、ITC和Wipro是当天表现最好的公司，涨幅在1.1%至5.5%之间。

The BSE index dropped 384 points, or 0.5% to settle at 73,511.85 on Tuesday, its lowest in over two weeks, driven by a broader market sell-off and the decline of heavyweight stocks. PowerGrid, JSW Steel, Tata Steel, NTPC, IndusInd Bank, HCL Tech, Tata Motors, M&M, ICICI Bank, Titan, and Axis Bank led the losses on the Sensex, falling by up to 3.8%. The decline came despite positive global cues, as traders seemed increasingly cautious following an unexpectedly low turnout in India's elections. The third of the seven phases of elections for the renewal of the House of the People, the lower house of parliament, is underway. On the other hand, Hindustan Unilever, Tech Mahindra, Nestle India, ITC, and Wipro, were the top performers for the day, with gains ranging between 1.1% and 5.5%.

受印度储备银行有限干预下其他亚洲货币普遍疲软的压力，印度卢比兑美元汇率跌至83.5，随后进一步抛售，并于4月16日接近83.7的历史低点。尽管日本央行进行了干预，中国人民银行采取了混合措施，但日本和中国的美元购买水平上升，给整个亚洲大陆的新兴市场货币带来了压力。因此，投资者降低了对印度储备银行支持卢比空间的预期，因为印度储备银行通常对强势美元的防御将导致印度商品和服务在全球市场上对亚洲竞争对手的吸引力降低。尽管如此，印度经济的韧性和对印度储备银行的鹰派预期阻止了经济的进一步下滑。在最近的一次会议上，央行指出，食品价格上涨带来的通胀上行风险保证了长期的终端利率。

The Indian rupee weakened to the 83.5 per USD level, giving in to further selling and approaching the record low of 83.7 on April 16th, pressured by broad weakness in other Asian currencies amid limited intervention from the RBI. Despite BoJ intervention and mixed fixes by the PBoC, elevated levels of dollar buying in Japan and China pressured emerging market currencies across the Asian continent. Consequently, investors pared expectations on the RBI’s room for rupee support, as its usual defense against a strong dollar would drive Indian goods and services to be less attractive against Asian rivals in global markets. Still, a resilient Indian economy and hawkish expectations for the RBI prevented an even sharper downturn. In its latest meeting, the central bank noted that upside risks to inflation due to higher food prices warrant a prolonged period of terminal interest rates.

周二早盘，印度股市下跌389.4点，跌幅0.5%，至近两周低点73464.5点，Nifty 50指数在前一天下跌后跌至22400点以下，受到几乎所有板块的拖累，主要是房地产、医疗保健和金属股。尽管有积极的全球信号，但BSE表现不佳，因为在选举投票率出乎意料的低的情况下，交易员们持谨慎态度。在疲软的美国就业数据助长了对美国今年可能降息的押注后，华尔街隔夜表现乐观，限制了跌幅。周一的数据阻碍了该指数的进一步下跌，因为继上周强劲的工厂活动数据之后，该国的服务业仍保持稳定增长。交易员预计印度最大贸易伙伴中国将公布贸易数据，此前周一的私人调查数据显示，中国大陆的服务业依然强劲。当天跌幅最大的是电网公司（-2.6%）、JSW钢铁公司（-1.8%）、NTPC公司（-1.7%）和Cipla公司（-1.6%）。

Stocks in India fell 389.4 points or 0.5% to a near two-week low of 73,464.5 in morning trade on Tuesday, with Nifty 50 declining below 22,400, after being muted the day before, dragged by almost all sectors, mainly realty, healthcare, and metal stocks. The BSE underperformance despite positive global cues, as traders were cautious amid an unexpectedly low turnout in the elections. Limiting the fall was an upbeat session on Wall Street overnight after weaker US jobs data fuelled bets of a potential US interest rate cut this year. Monday's data hampered the index dropped deeper, as the services sector in the country remained grew solidly, following the strong factory activity figures last week. Traders anticipate trade data from India's top trading partner, China, after Monday's private survey data revealed that the services sector in the mainland remained robust. Among the top losers of the day were Power Grid (-2.6%), JSW Steel (-1.8%), NTPC (-1.7%), and Cipla (-1.6%).