Bond yields traded higher on Friday as India’s economy grew 7.6 percent during the July-September quarter of the current financial year 2023-24 (Q2FY24) as against 6.2 per cent in the year-ago period.
In the global market, U.S. Treasury yields climbed on Thursday, even after economic data provided more evidence that the Federal Reserve could end hiking interest rates, as a sharp drop in yields in recent weeks put the benchmark 10-year U.S. Treasury on pace for its biggest monthly drop since August 2011. Furthermore, oil prices fell by more than 2% on Thursday after OPEC+ producers agreed to voluntary oil output cuts for the first quarter next year that fell short of market expectations.
Back home, the yields on new 10 year Government Stock were trading 1 basis point higher at 7.28% from its previous close of 7.27% on Thursday.
The benchmark five-year interest rates were trading 2 basis points lower at 7.26% from its previous close of 7.28% on Thursday.