At 9:20 a.m. (0350 GMT), the benchmark 10-year bond yield was down 3 basis points at 8.45 percent.

After the market closed on Tuesday, the Reserve Bank of India said it would buy back the 7.49 percent 2017 bonds, 7.83 percent 2018 bonds, 7.80 percent 2021 bonds and 8.08 percent 2022 bonds through open market operations on Thursday.

The buyback comes ahead of a 150 billion rupee unscheduled debt sale on Friday.