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India's short-term debt markets saw a surge in September as corporates ramped up commercial paper issuances to 62,300 crore for festive season liquidity. Banks, particularly public sector lenders, aggressively tapped the certificate of deposit market, raising 1.04 lakh crore. NBFCs, however, adopted a more measured approach, moderating their CP issuances.
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The Reserve Bank of India has reportedly urged state governments to postpone bond auctions to alleviate supply pressure in a saturated market. This move aims to ease competition with key sovereign securities, with a significant portion of state development loans potentially deferred until the fiscal year's end. The central bank signaled this plan during a recent meeting with primary dealers.
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Nifty is showing signs of ending its correction, with strong support identified between 25,200-25,300. Analysts suggest a move above 25,550 could revive the uptrend towards 26,000, while a break below 25,000 might extend the decline. Traders are advised to consider buy-on-dips strategies.
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