India's 10-year yield hardly moves as oil drops to $92
Business
Indian bonds stayed pretty calm, with the main 10-year yield barely moving.
Not much was happening in the local market, so everyone's eyes were on global oil prices.
Oil dropped about 2% to $92 a barrel after new US sanctions on Iran, which helped ease some nerves.
Indian traders cautious before debt auction
The fresh sanctions are meant to pressure Iran and have removed some concerns about supply chain disruptions due to the closure of the Strait of Hormuz.
Still, traders aren't letting their guard down, since India imports most of its energy, and any spike in oil could push up inflation and impact bond rates.
Now, all eyes are on this week's debt auction for clues about where things go from here.