Bond yields traded higher on Tuesday after terming MSMEs as the backbone of the Indian economy and global sustainable developments, Union Minister for MSME Narayan Rane has said that the MSME Ministry is committed to achieve the goals of holistic development and self-reliance of MSMEs, under the able leadership of Prime Minister Narendra Modi.
In the global market, Treasury yields rose on Monday as data on orders for durable goods and pending home sales surprised to the upside, but the sale of two- and five-year notes was weak as the market gauges the economy and Federal Reserve efforts to tame inflation. Furthermore, oil prices rose about 1% in early Asian trade after the United Arab Emirates' energy minister said the nation is producing near capacity, countering expectations that it could help boost supply in a tight market.
Back home, the yields on new 10 year Government Stock were trading 5 basis points higher at 7.45% from its previous close of 7.40% on Monday.
The benchmark five-year interest rates were trading 5 basis points higher at 7.27% from its previous close of 7.22% on Monday.