Bond yields traded higher on Thursday after Global forecasting firm Oxford Economics revised India's economic growth projection for 2021 to 10.2 per cent from the earlier 8.8 per cent, citing receding COVID-19 risks and the shift in the monetary policy outlook.
In the global market, longer-dated U.S. Treasury yields backed off one-year highs on Wednesday as selling pressure abated despite a weak 20-year bond auction and data pointing to a strengthening economy. Furthermore, oil prices rose as much as a dollar, extending this week's gains and hitting 13-month highs, as a cold snap sweeping Texas and surrounding regions shut at least a fifth of U.S. refining output and a million barrels of crude production.
Back home, the yields on new 10 year Government Stock were trading 3 basis points higher at 6.06% from its previous close of 6.03% on Wednesday.
The benchmark five-year interest rates were trading 6 basis points higher at 5.64% from its previous close of 5.58% on Wednesday.