Indian bond yields fell sharply in early trade on Monday after the central bank unexpectedly cancelled its sale of bonds via open market operation post market hours on Friday.

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The Reserve Bank of India said on Friday it was withdrawing the OMO sale that was scheduled for Nov. 23 due to "recent market developments and based on a fresh review of the current and evolving liquidity conditions".

As of 0340 GMT, the benchmark 10-yr bond yield was down 8 basis points at 6.97 percent, and is expected to trade in 6.92 percent-6.97 percent range, a dealer at a large state-run bank said.

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