India 10Y Yield Extends Gains

The yield on India’s 10-year G-Sec rose to around 6.95%, building on the previous week’s gains as elevated oil prices triggered broad-based selling in the debt market. The upward movement in yields came as Brent crude remained elevated near $105 per barrel. Investor sentiment has also been dampened by reduced attractiveness for foreign buyers, as elevated currency hedging costs have eroded returns on Indian debt, making it less appealing relative to other markets. Meanwhile, recent reports point to a possible shift in the geopolitical outlook, with Iran proposing a phased plan prioritizing a ceasefire while postponing nuclear talks. The proposal has been relayed to Washington via intermediaries, though its reception remains uncertain. Looking ahead, traders expect the benchmark 10-year yield to trade within a range of 6.85% to 7.02% in the near term, reflecting ongoing uncertainty tied to global risk sentiment and capital flows.

The yield on India’s 10-year G-Sec rose to around 6.97%, extending gains to a two-week high as global risk sentiment weakened and energy markets remained volatile. Global crude prices extended their advance for a fifth straight session, with Brent crude climbing above $105.50 a barrel, as uncertainty over stalled US–Iran negotiations kept supply risks elevated. The oil surge has reinforced inflation concerns and pressured sovereign debt markets, pushing global bond yields higher. US Treasury yields have also risen alongside a stronger dollar, as investors shift to safer assets amid worsening geopolitical conditions. However, the upside in yields was partly tempered by sustained foreign portfolio outflows from Indian equities, with cumulative withdrawals earlier this month briefly exceeding last year’s record annual exit of $18.79 billion.

The yield on India’s 10-year G-Sec rose to around 6.9%, extending gains from the previous session as bond markets came under pressure amid worsening external conditions. Yields moved higher after stalled negotiations between the United States and Iran failed to ease geopolitical tensions, while ongoing disruptions in the Strait of Hormuz kept energy markets volatile and inflation expectations elevated. Brent crude oil rose about 1% to around $103 a barrel, extending gains for a fourth straight session as talks remained stalled. Despite US President Donald Trump’s assurance that the ceasefire is indefinite, markets remained cautious with no concrete progress in negotiations. Separately, domestic data showed resilient economic momentum. The India Manufacturing PMI rose to 55.9 in April 2026 from 53.9 in March, while the Composite PMI increased to 58.3 from 57.0, pointing to broad-based expansion and sustained growth well above long-term averages despite global uncertainty.