Indian government bond yields reversed their early session fall to trend higher on Thursday after the central bank kept rates and stance unchanged without providing major dovish guidance while reiterating its commitment to meet the inflation target.
India's benchmark 10-year yield was at 7.0730% as of 11:05 a.m. IST, following its previous close of 7.0723%. The yield had dipped to 7.0411% before the policy decision, and rose to 7.0920% after the decision.
"Market was aggressively bullish in terms of guidance, and those bets are getting unwounded, as the policy can clearly not be termed as dovish," a trader with a primary dealership said.
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