MUMBAI:
The yield ended at 6.7597% on Tuesday, dropping 42 basis points on-year after easing 15 bps in 2023. This is the biggest fall since the 66 bps decline in 2020.
"Government bond prices rallied steadily over 2024 despite upside surprise in inflation, tighter banking system liquidity conditions and sharp volatility in U.S. yields that continue to be elevated," said Abhishek Upadhyay, senior economist at ICICI Securities Primary Dealership.
Bond yields kicked off the year with a downward bias, which persisted as government lowered its debt supply, while robust demand from local and foreign investors meant the supply was quickly snatched up.
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