Indian government bonds rallied on Tuesday, with the benchmark 10-year yields at over three-year lows, as investors bet on benign inflation data later in the day and awaited a government announcement on the next RBI governor. The rally also tracked gains in emerging markets this week on a combination of upbeat U.S. data, expectations of more stimulus from global policymakers, and global investors seeking higher returns.
Foreign investors bought a net $76 million worth of Indian government debt on Monday, their highest purchase in four sessions, and remained net buyers of debt worth $157.66 million for July, helping send bond yields down 12-15 basis points across the curve.
Yield on the 10-year bond maturing in 2026 was at 7.32 percent after falling to 7.31 percent, the lowest ever, earlier in the day. It had closed at 7.38 percent on Monday. "Market is punting on a good headline inflation number and coupled with risk-on in the region, there's appetite for bonds," said a senior treasury official with a foreign bank.
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Foreign investors bought a net $76 million worth of Indian government debt on Monday, their highest purchase in four sessions, and remained net buyers of debt worth $157.66 million for July, helping send bond yields down 12-15 basis points across the curve. 
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