August 13, 2014 / 7:39 AM / 3 years ago

MARKET EYE-India bonds rally; traders play down CPI rise

* India's benchmark 10-year bond yield down 5 bps
on day at 8.80 percent, its lowest since Aug. 5.
* The new 10-year bond yield falls 5 bps to 8.57
percent. Both bond yields down 8 bps each from session highs.
* Traders cite expectations CPI will ease after hitting a
two-month high in July. 
* Traders cite hopes of a possible upgrade in India's sovereign
rating outlook after a meeting between the finance minister and
S&P analysts on Tuesday.
* S&P is the only of the three major credit agencies to rate
India with a "negative" outlook.

 (swati.bhat@thomsonreuters.com/;
swati.bhat.thomsonreuters.com@reuters.net)

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