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Indian bonds and the rupee rallied on Monday after Finance Minister Arun Jaitley said the government would stick to its fiscal deficit target of 3.5 per cent of gross domestic product for the 2016/17 year.
Traders had feared India would widen its fiscal deficit target for the next fiscal year to increase spending.
India's benchmark 10-year bond yield fell around 5-6 bps to 7.68 per cent from levels before Jaitley disclosed the fiscal deficit target. The yield had closed at 7.78 per cent on Friday.
The rupee strengthened to 68.41 from around 68.70 levels. It had ended on Friday at 68.62/63.
Meanwhile, the 30-share BSE index Sensex ended lower by 152.30 points or 0.66 per cent at 23,002.
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