Bond yields traded higher on Tuesday after private report that Finance Minister Nirmala Sitharaman chaired a meeting on November 4 to conduct a comprehensive review of the Income Tax Act 1961, in line with the announcement made during the last Union Budget.
In the global market, U.S. Treasury yields were lower on Monday as investors braced for a busy week that will see voters head to the polls for the U.S. presidential election and the Federal Reserve’s next interest rate decision. Furthermore, Oil prices climbed nearly 3% on Monday on OPEC+'s decision for a month's delay in plans to increase output, while investors also focused on the U.S. presidential election.
Back home, the yields on new 10 year Government Stock were trading 12 basis points higher at 6.91% from its previous close of 6.79% on Monday.
The benchmark five-year interest rates were trading 11 basis points higher at 6.87% from its previous close of 6.76% on Monday.