Bond yields traded flat on Wednesday as investors remained cautious ahead of the long weekend. Investors failed to get relief with the better that expected macro economic data - Consumer Price Index (CPI) inflation and industrial production growth (Index of Industrial Production) data.
In the global markets, U.S. Treasury yields rose on Tuesday as oil and stock prices jumped on reports that Saudi Arabia and Russia had agreed to freeze crude output, reducing demand for safe-haven debt. Furthermore, Oil futures fell in Asian trade on Wednesday as profit-taking and concern over a larger-than-expected build in U.S. crude stocks outweighed a report that Russia and Saudi Arabia had reached consensus on an oil output cap.
Back home, the yields on new 10 year Government Stock were trading flat from its previous close at 7.41% on Tuesday.
The benchmark five-year interest rates were trading 2 basis points higher at 7.40% from its previous close at 7.38% on Tuesday.