Bond yields edged lower on Thursday as India Ratings in a report has projected just 4 per cent Gross Domestic Product (GDP) growth for India for the fourth quarter and said the final growth numbers for the full year (FY23) will be lower than the second advance estimate of 7 per cent.
In the global market, U.S. Treasury yields fell on Wednesday, with the two-year easing slightly from its highest level in nearly 16 years, as data showed the labor market remained tight and Federal Reserve Chair Jerome Powell testified for a second straight day in Congress. Furthermore, oil prices fell on Wednesday as fears that more aggressive U.S. interest rate hikes would pressure economic growth and oil demand outweighed a larger-than-expected draw in U.S. crude stocks.
Back home, the yields on new 10 year Government Stock were trading 1 basis point lower at 7.44% from its previous close of 7.45% on Wednesday.
The benchmark five-year interest rates were trading flat with its previous close of 7.43% on Wednesday.