Bond yields traded lower on Wednesday as Reserve Bank of India’s data showed net profit of the manufacturing, and the IT sector moderated in 2022-23. The net profit margin of the manufacturing sector declined to 8.7 per cent in 2022-23, against 10.6 per cent in 2021-22.
In the global market, Treasury yields rose on Tuesday after data on housing and new orders for U.S.-manufactured capital goods came in better than expected, indicating a much-anticipated recession still can't be seen. Furthermore, oil prices slumped over 2% on Tuesday on signals that central banks may not be done with interest rate hikes, while industry data showed lower U.S. crude and gasoline inventories during the peak summer driving season.
Back home, the yields on new 10-year Government Stock were trading 1 basis point lower at 7.05% from its previous close of 7.06% on Tuesday.
The benchmark five-year interest rates were trading 1 basis point lower at 7.00% from its previous close of 7.01% on Tuesday.
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