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Gilts stage mild rally

Mumbai, Sept. 3: Prices of government securities today gained by 10-20 paise across the board as talks of a likely cut in the benchmark bank rate by 50 basis points resurfaced.

The optimism was re-ignited following comments by Mohammed Tahir, executive director, Reserve Bank of India (RBI), in the capital that the apex bank will cut the benchmark rate by half a per cent even as its timing has not yet been decided. “Wait until the credit policy,” he added.

Tahir was addressing a seminar on management of public debt in New Delhi.

Tahir reiterated RBI governor Bimal Jalan’s statement that soft interest rate bias would continue. The RBI director’s statement does not come as a surprise since the central bank had in its lean season monetary and credit policy indicated that the benchmark rate would be brought down by 50 basis points.

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