New Delhi, Oct 21: Government has completed Rs 110,000 crore of gross borrowing of the fiscal against the budget of Rs 1,42,867 crore. Net borrowings have been completed to the tune of Rs 74,035 crore as opposed to budgeted Rs 95,859 crore, PNB Gilts said in its latest issue of Gilt News here.
In the fortnight ending October 18, Reserve Bank of India auctioned three securities aggregating Rs 11,000 crore and a 364-day treasury bill of Rs 1000 crore.
"Given comfortable liquidity and bullish undertone, the success of the auction was a foregone conclusion," it said.

The short-term outlook for the government securities (Gilts) market, PNG Gilts said "appears to be optimistic on the back of comfortable liquidity, reduced inflation fears and strong expectations of a bank rate and repo rate cut."
Government has already completed 77 per cent of its annual budgeted borrowings. Of the remaining borrowings of Rs 32,867 crore, Rs 21,000 crore would be raised through the issuance of securities as per auction calendar and Rs 11,000 crore through 364-day treasury bills, it said.
The mild depreciation of rupee in the forex market and the rise in us gilt yields have been completely ignored by the Gilts market, it said adding expectations in the mid-term review of credit policy are likely to continue driving the market.
"While repo rate cut expectations were always quite high, low inflation has again generated bank rate cut expectations. The market therefore expects buoyant sentiments to continue in government bonds," PNB Gilts added. Bureau Report