Bond yields traded lower on Thursday amid surge in coronavirus cases. India has registered 53,419 fresh cases of Covid-19 in the past 24 hours, taking to tally to 11,787,013, according to Worldometer.
In the global market, U.S. Treasury yields dipped on Wednesday after the Treasury saw average demand for an auction of five-year notes, with the market appearing to stabilize after benchmark yields reached one-year highs last week. Furthermore, oil prices skidded as fuel demand concerns re-emerged alongside fresh coronavirus pandemic lockdowns, trimming overnight gains spurred by the grounding of a giant container ship blocking crude shipments through the Suez Canal.
Back home, the yields on new 10 year Government Stock were trading 2 basis points lower at 6.13% from its previous close of 6.15% on Wednesday.
The benchmark five-year interest rates were trading 4 basis points lower at 5.64% from its previous close of 5.68% on Wednesday.