Macro and Government Bond Commentary: Yields closed lower • The 10Y benchmark (6.33 GS 2035) opened 1 bp lower at 6.53% as the fears of extra borrowing in FY26 eased after the outcome of the GST Council meeting late Wednesday. • The government estimates a net revenue loss of around INR 480 billion from the GST Council’s decision to move to a two-slab goods and services tax rate structure to be effective from Sep 22. The market participants were expecting an estimate of INR 1000 bn.
