Bond yields traded higher on Wednesday as Union Commerce and Industry Minister Piyush Goyal has said that India is firmly on track to become a $5 trillion economy by 2027 despite global turbulence, driven by a collective national effort and strong leadership under Prime Minister Narendra Modi. He noted that this will be the first milestone on the country’s journey to ‘Viksit Bharat’ by 2047.

In the global market, U.S. Treasury yields were lower on Tuesday even after Federal Reserve Chair Jerome Powell said he is in no hurry to push for interest rate cuts as the impact of tariffs plays out. Traders also kept an eye on a fragile ceasefire between Iran and Israel. Furthermore, oil prices fell sharply Tuesday, returning to levels last seen before the Iran-Israel conflict, as investors cheered news of a ceasefire, albeit fragile, between the two countries. 

Back home, the yields on new 10 year Government Stock were trading 2 basis points higher at 6.27% from its previous close of 6.25% on Tuesday. 

The benchmark five-year interest rates were trading 4 basis points higher at 6.02% from its previous close of 5.98% on Tuesday.