India economy
Labourers work at a construction site of a commercial complex in Mumbai April 26, 2012.Reuters

The Indian rupee and stocks advanced and bond yields fell sharply as the budget speech progressed in which stronger than expected fiscal deficit targets have been announced.

At 5:53 GMT, the USD/INR was at 59.71, after trading at 59.73 ahead of the budget and compared with the previous close of 59.75.

The 10-year benchmark bond traded at a yield of 8.64% sharply below 8.72% where it traded shortly before the speech started. It had closed the previous day at 8.73%.

The BSE Sensex traded 0.5% higher after being 0.06% up shortly before the speech started.