Indian bond yields rise as central bank says to conduct open mkt sale

MUMBAI: Indian bond yields rose in opening trade on Thursday after the central bank announced an open market sale of up to 120 billion rupees worth of debt on Dec. 1, but the fall in global crude oil prices is likely to support prices.

At 9:05 a.m. (0335 GMT), the benchmark 10-year bond yield was up 3 basis points at 8.17 percent.

Traders, however, said they do not expect a further sharp rise in yields due to the fall in global crude.

The 10-year paper is seen in a 8.14 to 8.18 percent range during the day.

Oil prices fell to four-year lows on Thursday as it appeared unlikely producer club OPEC would decide to cut output in support of prices at a meeting this week, and as increasing Chinese and US stocks boosted available supplies.