FxWirePro: Daily Commodity Tracker - 21st March, 2022 
The Indian government bonds plunged on Tuesday as investors cashed in profit after relishing a long week rally. Also, speculation that the long-awaited GST bill is likely to be passed in the ongoing monsoon session of the Indian Parliament has boosted investor’s sentiments.
The yield on the benchmark 10-year bonds, which moves inversely to its price, rose 2-½ basis points to 7.162 percent, the yield on super-long 30-year bond also jumped 2-1/2 basis points to 7.370 percent and the short-term 3-year note yield up 2 basis points to 6.927 percent by 07:10 GMT.
According to Reuters, Indian parliament’s upper house is likely to discuss on August 2 a constitutional amendment bill for the long-pending Goods and Services Tax. Last week, the federal cabinet approved some key revisions to the constitutional amendment bill to help secure broader political support for the long-stalled tax legislation. The GST legislation is currently pending approval of the parliament’s upper house, where the ruling Bharatiya Janata Party lacks a majority.
Moreover, markets also await the announcement of the new RBI chief, which is anticipated to happen in the ongoing monsoon session of the Parliament.
Lastly, investors will remain keen to focus on next week’s monetary policy decision, the last one by the Reserve Bank of India Governor Raghuram Rajan.
Meanwhile, the Sensex rose 0.12 percent or 23.86 points to 28,027 and Nifty-50 futures trading 0.08 percent lower or 7 points at 8,670 by 07:40 GMT.
