India's benchmark five-year OIS rate is up 4 basis points at 7.04 percent while the one-year rate also rose 4 bps at 7.72 percent tracking higher global crude oil prices and a rise in U.S. rates. "OIS rates following global factors, oil and U.S. treasuries are all much higher," a senior dealer with a primary dealership said. Brent crude steadied above $111 per barrel on Wednesday, just below 12-week highs but supported by worries over falling North Sea output and hopes for more economic stimulus measures on both sides of the Atlantic. Traders said OIS rates had run ahead of themselves in factoring in reforms and rate cuts, thus, there was lesser reaction to hopes for reforms on the back of the finance minister's comments, like in bonds. Focus would now be on the factory output data on Thursday which will be key for near-term direction, traders said.

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