SNAPSHOT-India stocks, rupee, swaps, call at close

BY Reuters | ECONOMIC | 03/23/23 07:35 AM EDT

MUMBAI, March 23 (Reuters) - STOCKS: The benchmark BSE Sensex fell 289.31 points, or 0.5%, to 57,925.28, while the broader NSE index lost 75 points, or 0.44%, to 17,076.9 dragged by information technology stocks and financials, after the U.S. Federal Reserve reiterated its fight against inflation with a quarter-point rate hike even as it signalled that a pause in policy tightening could be near

RUPEE: The Indian rupee strengthened 0.48% versus the U.S. dollar, and quoted at 82.26 per dollar as investors anticipated that the Federal Reserve was near the end of its rate hiking cycle. GOVERNMENT BONDS: Benchmark 10-year bond was quoted at 99.40 rupees, with yield little changed at 7.3480%; vs previous close of 7.3495% as traders shifted focus to the announcement of borrowing calendar for April-September and the Reserve Bank of India's monetary policy decision

OVERNIGHT INDEXED SWAPS: The one-year overnight indexed swap rate was down 4 bps at 6.69%, while the benchmark five-year swap rate fell 6 bps to 6.22%.

CALL MONEY/REPOS: India's overnight call money rate was down 85 bps at 5.85% against 6.70% in the previous session. The overnight TREPS rate was at 6.25%, compared with the previous day's weighted average of 6.6477%. (Reporting by Bhakti Tambe)

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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