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The Indian government bonds strengthened on Friday as a revival in monsoon rains eased concerns that food inflation is set to bounce in a nation that has suffered two consecutive years of drought.
Also, investors preferred safe-haven assets as underlying sentiment stayed bullish on expectations of monetary easing by central banks across the globe.
The yield on the benchmark 10-year bonds, which moves inversely to its price fell 3 basis points to 7.419 percent, yield on super-long 30-year bonds dipped 1-1/2 basis points to 7.718 percent by 07:30 GMT.
Monsoon remained slightly below expectations in the first month of the rainy season as June ended with a countrywide deficit of 11 per cent, compared with a shortfall of 25 percent in mid-June, mainly on account of a delayed onset. Despite the deficit, however, rains have been in the normal to excess range in around two-thirds of India's 36 meteorological subdivisions.
According to Reuters, since UK voted itself out of the European Union last month, hopes that central banks across the world could maintain or boost easy monetary policies to support growth have increased.
Several brokerages also expect the Reserve Bank of India to cut its policy rate by 25 basis points to 6.25 percent later this year, as the central bank is on track to meet its inflation aim of 5 percent by March 2017.
Lastly, PM Modi has announced his short-list for candidates to be next Reserve Bank of India governor of three economists and 1 banker. Urjit Patel, Rakesh Mohan, Subir Gokarn, Arundhati Bhattacharya are the shortlisted candidates. Also, Prime Minister Narendra Modi is keen to select RBI's first MPC with inputs from outgoing Governor Rajan and Rajan expected to join search committee to pick three external MPC members.
The Reserve Bank of India’s Governor Governor Raghuram told that he will not continue his second term and will return to academia after his term with the RBI ends on 4th September.
Meanwhile, the Sensex rose 0.75 percent or 203.62 points to 27,203.34 and Nifty-50 futures trading higher 0.55 percent or 45.95 points at 8,371.75 by 08:00 GMT.
