Bond yields traded higher on Wednesday as traders took support with President Droupadi Murmu’s statement that India is the fastest growing major economy and is likely to become the third largest economy soon. She said the Indian economy had been demonstrating resilience in the face of geopolitical challenges and the country's economy was likely to grow tenfold by 2047.
In the global market, U.S. Treasury yields were little changed on Tuesday, with the 10-year Treasury yield trading at its highest level since July as investors looked to upcoming economic data. Furthermore, Oil prices stabilised on Wednesday on industry data showing a surprise drop in U.S. crude and gasoline inventories, following two previous sessions of losses on the prospect of hostilities easing in the Middle East.
Back home, the yields on new 10 year Government Stock were trading 11 basis points higher at 6.95% from its previous close of 6.84% on Tuesday.
The benchmark five-year interest rates were trading 12 basis points higher at 6.88% from its previous close of 6.76% on Tuesday.
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