Bond yields traded lower on Thursday after the Reserve Bank of India (RBI) decided to conduct purchase Government securities under Open Market Operations for an aggregate amount of Rs 150 billion on March 10, 2016. Meanwhile, Prime Minister Narendra Modi made a fresh pitch for passage of GST and other legislations in the Rajya Sabha, considering the 'conducive atmosphere' that has been prevailing in Parliament this session with cooperation from the opposition.
In the global market, U.S. Treasury yields rose on Wednesday as some investors bet the recent decline in yields due to global growth concerns was overdone and after a disappointing debt auction by the Treasury Department. Furthermore, Oil prices dipped on Thursday early after U.S. crude hit 2016 highs the day before and Brent shot back over $40 per barrel.
Back home, the yields on new 10 year Government Stock were trading 1 basis point lower at 7.64% from its previous close at 7.65% on Wednesday.
The benchmark five-year interest rates were trading 2 basis points higher at 7.80% from its previous close at 7.78% on Wednesday.
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