MUMBAI: Traders in the embattled Indian sovereign bond market finally have something to cheer.
Prime Minister Narendra Modi’s government, in a surprise move, announced it would auction just 48% of its planned annual bond sales in the fiscal first half, lower than than the 60% to 65% in previous years. The yield on the benchmark debt plunged as much as 25 basis points, set for its biggest slide since November 2013.
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