Bond yields were trading higher on Friday amid rating agency Crisil said that the India’s economy is likely to log in 6 per cent growth next fiscal, in line with consensus estimates, driven by an increased capex by the private sector. It added the private sector capex is expected to deliver double-digit revenue growth for the second year on the trot. The economy is projected to grow 7 per cent this fiscal. Crisil further said it expects the corporate revenue to log in double-digit rise again next fiscal.
In the global market, Treasury yields rose Thursday, reversing an earlier decline, as traders weighed a rescue plan for beaten-down regional U.S. bank First Republic. Furthermore, oil prices settled higher on Thursday, ending a three-session losing streak, after reports that Saudi Arabia and Russia met to discuss ways to enhance market stability.
Back home, the yields on new 10 year Government Stock were trading 1 basis point higher at 7.36% from its previous close of 7.35% on Thursday.
The benchmark five-year interest rates were trading flat with its previous close of 7.25% on Thursday.