Bond yields edged lower on Monday despite India’s gross domestic product (GDP) grew 7.8 per cent y-o-y during the January-March 2024 quarter (Q4 FY24) as compared to 7 per cent growth recorded a year ago. For the full financial year 2023-24, India’s GDP growth rate stood at 8.2 per cent as against 7 per cent in FY23.
In the global market, U.S. Treasury yields retreated on Friday after the Federal Reserve's preferred inflation data came in mostly in line with street expectations. Furthermore, Oil prices fell on Friday and posted a weekly loss as investors awaited an OPEC+ meeting on Sunday that will determine the fate of the producer group's output cuts.
Back home, the yields on new 10 year Government Stock were trading 3 basis points lower at 6.95% from its previous close of 6.98% on Friday.
The benchmark five-year interest rates were trading 2 basis points lower at 7.03% from its previous close of 7.05% on Friday.