Indian government bonds are hitting a ceiling on upside potential. Here's why: household capital is increasingly flowing toward equities instead of fixed-income instruments, and that's eating into bond demand. On top of that, fresh banking sector rules are reshaping how institutions allocate their portfolios—fewer treasury positions, less long-duration debt absorption. An ICICI Bank executive flagged this as a real structural headwind. The takeaway? Long-term debt securities are facing tighter conditions across the market. With retail investors rotating into stocks and institutional players recalibrating their strategies, the traditional bond rally narrative might need rewriting.