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The benchmark 10-year bond yield fell as much as 69 basis points to 8.21 percent. It was last trading at 8.28 percent.
In an interview to CNBC-TV18 Jayesh Mehta says the foreign investors are short-term people and do not impact the market from a currency point of view as they are one hedge.
India's benchmark bond rose to its highest level in two-and-a-half years after the government cancelled the last scheduled debt sale for the current fiscal year, with traders awaiting the next year's borrowing target due later this month for cues.
India's headline inflation rate is expected to have accelerated in September to its highest this year after the government raised subsidised fuel prices, but the Reserve Bank of India bank will remain under pressure to cut rates at a policy meeting this month.
As the debates continues as to whether or not the RBI must loosen interest rates, CNBC-TV18 spoke to two experts - Manish Wadhawan, HSBC and Samiran Chakrabarty of StanChart, if they were expecting a non-event policy or if they felt the RBI may choose to surprise.
India's wholesale price index will probably rise to 9.70% in September from a year earlier, easing slightly from 9.78% in August, a Reuters poll showed.
The Reserve Bank is expected to resume its rate hike cycle at its quarterly monetary policy review next week as soaring inflation stalks Asia's third-largest economy.
