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Bond yields trade higher on Wednesday

31 Jul 2024 Evaluate

Bond yields traded higher on Wednesday as India Ratings & Research (Ind-Ra) upped India's GDP growth forecast for the current fiscal to 7.5 per cent from 7.1 per cent projected earlier on expectation of improved consumption demand.

In the global market, U.S. Treasury yields were little changed on Tuesday as investors looked to economic data and the Federal Reserve's July meeting is set to kick off. Furthermore, Oil prices fell sharply Tuesday as concerns about demand growth in China, the world's largest crude importer, and fears about potentially supply surplus continued to weigh on sentiment just ahead of fresh U.S. crude inventory data.

Back home, the yields on new 10 year Government Stock were trading 12 basis points higher at 7.05% from its previous close of 6.93% on Tuesday.

The benchmark five-year interest rates were trading 12 basis points higher at 6.97% from its previous close of 6.85% on Tuesday.

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