India bonds likely to gain as govt refrains from adding to borrowing plan

Bonds in India may be poised for gains after the government refrained from adding to its near-record borrowing plan for the year, bringing relief to the market battered by rising Treasury yields and oil prices.  
 

The administration will adhere to its plan to borrow 12.05 trillion rupees ($163 billion) in the year through March, the finance ministry said in a statement Monday. Finance Minister Nirmala Sitharaman had earlier indicated that the government may borrow about 1.6 trillion rupees extra, which led to traders expecting higher sales for the second half.

The news may support the domestic bond market weighed by