Indian government bonds are down slightly after a flat opening; the benchmark 8.15% 2022 bond is at 99.96 vs 99.99 at Monday's close. A dealer with a private bank says bonds are likely to trade in a tight range before the release of manufacturing and inflation data next week. Concerns over global growth and the government's decision not to expand its borrowing program for now are likely to support bond prices. However, a sharp rally is unlikely unless traders are convinced that the RBI will cut rates at its Oct. 30 meeting, he adds. He tips the benchmark yield in a 8.13%-8.17% near-term band; it's now at 8.15%.
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