Stocktwits
Rise in bond yields reflect receding confidence in the sovereign’s capacity to repay loans, and at times, a lack of confidence in the financial estimates provided by the government. This often leads to a rise in borrowing cost for the government.
Whatever be the case, traders sold more of India’s government debt in the market than were bought, leading to a spike in yields. Equity markets mirrored the sentiment, and state-owned banks, which hold a lot of government bonds, also fell due to the loss of value of their investments.
Any government is considered to be the safest borrower in any country. A rise in borrowing cost for the sovereign means that the cost of credit may rise for others. Result was a marketwide sell-off, particularly in banks, which eased as more details emerged from the budget.
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