Bond yields edged higher on Thursday after Economic Affairs Secretary Ajay Seth said Indian economy is showing momentum and the growth rate in the second quarter (July-September) is likely to be good. The economy grew at 7.8 per cent in the first quarter (April-June) of the current financial year.
In the global market, U.S. Treasury yields fell on Wednesday, buoyed by better-than-expected gross domestic product data and investors' hopes that the Federal Reserve is finished with its rate-hiking campaign. Furthermore, oil prices extended gains early on Wednesday as a storm continues to disrupt crude loadings in the Black Sea and the market awaits news about the next move from OPEC+ set to hold a meeting on Thursday.
Back home, the yields on new 10 year Government Stock were trading 1 basis point higher at 7.26% from its previous close of 7.25% on Wednesday.
The benchmark five-year interest rates were trading 3 basis points higher at 7.29% from its previous close of 7.26% on Wednesday.