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Bonds gain on bargain buying

Aug 23 2013, 03:16 IST
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SummaryGovernment bond yields dropped on Thursday as investors sought bargains after a sharp rise in yields in recent sessions

Government bond yields dropped on Thursday as investors sought bargains after a sharp rise in yields in recent sessions, while the central bank’s upcoming open market operation to buy longer-dated debt on Friday also underpinned sentiment.

The benchmark 10-year bond yield closed at 8.23%, down 18 basis points on the day. The yield rose as high as 8.62% in opening trade following the Federal Reserve’s minutes.

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