Mumbai: Global investors piled a net $216.3 million into Indian bonds on Friday, the day after Prime Minister Narendra Modi’s sweeping election victory. Modi’s re-election put to rest any uncertainty about a diverse group of political parties coming to power at a time when growth is already slowing. The benchmark 10-year yield slipped as much as seven basis points to reach 7.16% on Monday, the lowest since April 2018, with traders citing overseas demand as a reason for the rally in bonds. The yield could touch 7% if the RBI’s June policy is positive for bonds, she said. This story has been published from a wire agency feed without modifications to the text.

Source: Mint May 28, 2019 03:33 UTC