Bond yields traded higher on Wednesday, as World Bank has scaled up its projection for India's economic growth by 4.7 percentage points to 10.1 per cent for Financial Year 2021-22, citing a strong rebound in private consumption and investment growth.
In the global market yields, U.S. Treasury yields dipped in Tuesday afternoon trade, reversing an overnight rise in the benchmark yield to a 14-month high, as traders prepared for quarter-end and ahead of President Joe Biden's infrastructure spending announcement. Furthermore, oil prices rose, paring overnight losses a day ahead of a meeting of OPEC and its allies, with investors betting the producers will largely agree to extend their supply curbs into May.
Back home, the yields on new 10 year Government Stock were trading 2 basis points higher at 6.16% from its previous close of 6.14% on Tuesday.
The benchmark five-year interest rates were trading 3 basis points higher at 5.70% from its previous close of 5.67% on Tuesday.