Key Points
Indian government bond yields fell sharply on Friday, with the benchmark yield posting its biggest weekly decline in over 7 months after the US Federal Reserve struck a dovish tone at its policy meeting earlier this week..
The benchmark 10-year bond yield ended at 7.1624 per cent, after closing the previous session at 7.1969 per cent..
"There's euphoria in the market after a dovish Fed surprised the market and our yields are moving in tandem with the slump in US yields," said Dwijendra Srivastava, chief investment officer - debt, at Sundaram Mutual Fund..
The overall optimism also led to strong demand at Friday's bond auction, dragging yields down further, and as the Reserve Bank of India's support in terms of the variable rate repo auction eased fears of the central bank sucking out liquidity, he added..
US bond yields plunged to multi-month lows as investors braced for looming rate cuts after the Fed adopted a dovish stance amid central bank projections for lower interest rates next year..
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