Bond yields traded higher on Wednesday after Union Minister of State for Finance and Corporate Affairs Anurag Singh Thakur has said that steps taken by the government during the coronavirus disease (covid-19) pandemic have helped the economy recover, and the country is expected to clock double-digit growth in the next fiscal.
In the global market yields, the Treasury Department drew solid demand for a $60 billion sale of two-year notes on Tuesday, the first sale of $183 billion in coupon-bearing supply this week, while longer-dated yields held below one-year highs reached last week. Furthermore, oil prices edged higher as investors looked for bargains following the previous day's plunge, but gains were capped as pandemic lockdowns in Europe and a build in U.S. crude stocks curbed risk appetite and raised oversupply fears.
Back home, the yields on new 10 year Government Stock were trading 1 basis point higher at 6.15% from its previous close of 6.14% on Tuesday.
The benchmark five-year interest rates were trading 1 basis point higher at 5.68% from its previous close of 5.67% on Tuesday.