India’s 10-year bond yield has climbed to its highest level since April 2024, widening the gap with equity income. With foreign investors selling again and the rupee under pressure, Indian stocks face a tougher relative-return equation.
The latest global bond sell-off has pushed yields sharply higher, and India has not been immune. Local bonds, however, have held up relatively better than global peers, supported by a record liquidity surplus in the banking system that has sustained demand for government securities.
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