Higher cut-off set at auction of 15-year gilt

 The auction, which formed part of the open market operations, was held for a notified amount of Rs 1,000 crore, although 91 bids were received for Rs 2,306 ccrore. Of the total bids, 57 were accepted for Rs 1,000 crore at a cut off price of Rs 101.50.

 Dealers added that while the high cut-off dampened market sentiment , the oversubscription triggered some bullishness.

 Liquidity was tight as seen from the one-day repo subscription, which was around Rs 4,020 crore, therefore, market players felt the paper might not be well bid.