Bond yields traded lower on Wednesday, as traders took some support with IMF’s report that India is a source of growth for the global economy for the next few decades and it could be what China was for the world economy.
In the global market, US Treasury yields rose on Tuesday as investors scaled back their bond holdings on higher Wall Street stock prices and pressure to make room for $78 billion in coupon-bearing supply from this week's quarterly government refunding. Furthermore, Oil prices held steady, supported by a report of rising US crude inventories as well as the introduction of sanctions against Iran.
Back home, the yields on new 10 year Government Stock were trading 1 basis point lower at 7.78% from its previous close of 7.79% on Tuesday.
The benchmark five-year interest rates were trading 1 basis point lower at 7.86% from its previous close of 7.87% on Tuesday.