July 2, 2012 / 4:51 AM / 5 years ago

MARKET EYE-India bond yields rise on oil

* India’s 10-year benchmark bond yield up 2 basis points at 8.40 percent. * Sharp rally in global crude prices in recent sessions to $96 levels from sub $90 last week after EU leaders agreed to support ailing euro zone banks and preserve the single currency weighed on bonds as it is seen stoking inflationary pressure. * Investors move back into higher-yielding riskier assets, trigger selling in bonds. * The 8.15 percent 2022 bond, the new benchmark bond from Tuesday, at 8.19 percent, up 1 basis point from previous close.

Reporting by Archana Narayanan

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