Bond yields traded higher on Friday after Piyush Goyal, Union Minister of Commerce and Industry, commended EEPC India’s target to reach $300 billion in engineering exports by 2030, calling it a bold testament to the courage and conviction of new India. Goyal highlighted the crucial role of the engineering sector in realizing India’s vision of Viksit Bharat and emphasized the government’s ongoing efforts to streamline regulations, promote ease of doing business, and support sustainable, high-quality manufacturing.
In the global market, Treasury yields fell on Thursday as the Federal Reserve cut interest rates by a quarter point as expected. Furthermore, oil prices rose nearly 1% on Thursday as the market weighed how President-elect Donald Trump's policies would affect supplies and as drillers cut output while bracing for Hurricane Rafael.
Back home, the yields on new 10 year Government Stock were trading 9 basis points higher at 6.88% from its previous close of 6.79% on Thursday.
The benchmark five-year interest rates were trading 12 basis points higher at 6.86% from its previous close of 6.74% on Thursday.