MUMBAI: Indian government bond yields ended little changed in a low-volume session on Monday as most market participants remained on the sidelines ahead of the end of the calendar year.

The 10-year benchmark bond yield ended at 7.3194%, after closing at 7.3179% on Friday. “Many factors like crude oil, US yields and bets of higher spending in the upcoming budget will continue to weaken appetite for bonds and yields should see an upside bias in the near term,” said Gopal Tripathi, head of treasury and capital markets at Jana Small Finance Bank.

Yields were marginally higher earlier in the day as the 10-year US yield rose to 3.75% for the first time in nearly four weeks on bets of more rate hikes in 2023, while the benchmark Brent crude contract gained 10% in the last two weeks, most recently as Russia said it could cut crude output.