Bond yields traded higher on Thursday as traders took support as Commerce and Industry Minister Piyush Goyal has expressed optimism about India’s ambitus target to become a $55-trillion economy by 2047 and said that steps such as focus on self-sufficiency, technology, stronger currency and fundamentals would help the country to achieve this target.
In the global market, U.S. Treasury yields fell Wednesday after Federal Reserve Chair Jerome Powell hinted at a potential rate cut in September. Furthermore, Oil prices rose on Thursday, extending gains from the previous session, after the killing of a Hamas leader in Iran raised the threat of a wider Middle East conflict and concern over its impact on oil.
Back home, the yields on new 10 year Government Stock were trading 11 basis points higher at 7.03% from its previous close of 6.92% on Wednesday.
The benchmark five-year interest rates were trading 10 basis points higher at 6.93% from its previous close of 6.84% on Wednesday.