Bond yields traded higher on Wednesday as HSBC Flash India Composite Output Index -- a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors -- surged to 60.0 in April from a final reading of 59.5 in March.
In the global market, the yield on the 10-year U.S. Treasury was unchanged on Tuesday as investors awaited signs of progress on the global trade front. Furthermore, oil prices rose more than $1 per barrel on Tuesday, as new U.S. sanctions against Iran and rising equity markets helped spark a recovery rally from the prior session’s steep selloff.
Back home, the yields on new 10 year Government Stock were trading 11 basis points higher at 6.43% from its previous close of 6.32% on Tuesday.
The benchmark five-year interest rates were trading 10 basis point higher at 6.18% from its previous close of 6.08% on Tuesday.