Bond yields traded modestly higher on Wednesday despite lacking any fresh triggers and investors remaining cautious in a view of a long weekend, as markets will remain closed tomorrow and Friday on account of ‘Holi’ and ‘Good Friday’, respectively.
In the global markets, U.S. Treasury yields rose on Tuesday after Chicago's Federal Reserve president struck a bullish tone on the U.S. economy, and as new corporate debt sales weighed on the market. Furthermore, Oil prices fell on Wednesday after figures from an industry group showed U.S. stockpiles had risen more than expected.
Back home, the yields on new 10 year Government Stock were trading 1 basis point higher at 7.51% from its previous close at 7.50% on Tuesday.
The benchmark five-year interest rates were trading 2 basis points higher at 7.68% from its previous close at 7.66 % on Tuesday.