Bond yields traded lower on Wednesday as India Ratings and Research (Ind-Ra) in its latest analysis report based on ‘the Q1FY24 results of 3,323 listed companies’ has showed a continued year on year (YoY) fall in revenue growth, a declining trend in coverage indicators and steady operating margins across most sectors.
In the global market, U.S. Treasury yields were mixed on Tuesday as investors fretted over what could be ahead for interest rates and awaited the latest economic data. Furthermore, oil prices were little changed on Tuesday as investors remained focused on the likelihood of China's economic malaise hobbling demand from the world's top crude importer.
Back home, the yields on new 10 year Government Stock were trading 2 basis points lower at 7.19% from its previous close of 7.21% on Tuesday.
The benchmark five-year interest rates were trading 2 basis points lower at 7.17% from its previous close of 7.19% on Tuesday.