The yield on India’s 10-year G-Sec rose to around 6.76%, approaching a one-year high touched earlier in February, as persistent supply pressure continued to weigh on demand. Sentiment has been dented by a heavy slate of state bond issuance, with Indian states set to raise about INR 486 billion this week, the largest weekly auction so far this financial year and above the scheduled amount, reinforcing concerns over an already crowded supply pipeline into the fiscal year-end. Bond markets have also remained fragile after the Reserve Bank of India held rates steady last week and refrained from announcing any fresh liquidity support. While the policy pause was widely expected, investors had anticipated measures to ease liquidity conditions or absorb rising issuance, keeping yields elevated as traders continue to eye resistance near 6.80%.