The 10-year government yield hit a fresh low on Friday as prices of the global crude oil fell. US President Donald Trump has said that all Mexican products will be tariffed. This comes in the wake of fresh trade war concern. Tariffing Mexican goods has stoked further trade tensions.
The 10-year Bond yield was 7.065% at 9.20 a.m. and this level was last recorded way back in December 2017.
The Indian National Rupee (INR) traded at 69.77 against the United States Dollar (USD) by recording a gain of 0.15% from its previous close at 69.88.
Prime Minister Narendra Modi and his cabinet sworn in on Thursday and traders are waiting for the portfolio allotment and the release of gross domestic product (GDP) data.
According to a Bloomberg survey, the GDP data is expected to show economic growth of 6.3% in the first three months of the calendar year.
The market is eying the Reserve Bank of India’s (RBI) bi-monthly policy statement which is due by the first week of June.
The market will also consider the full Union Budget which is expected to be presented by the first week of July. Fiscal deficit and borrowing targets majorly depend on proposals made in the upcoming full Union Budget.
BSE Sensex rose by 0.33% and touched 39,964.93 points. The benchmark index has risen by a whopping 10% since the start of the year.