The RBI's comments, announced after trading hours on Wednesday, comes as yields had risen by 60 basis points after a surprise hike in the repo rate on Friday and on worries about the fiscal second borrowing programme of the government.
Cash continues to be tight, though the overnight borrowing rate has come off after the RBI lowered its marginal standing facility rate by 75 bps to 9.5 per cent.
The RBI has been injecting about 1.5 trillion rupees on a daily basis via the repo auction, the export credit refinance facility and the marginal standing facility taken together.
Bond dealers have been hoping that the central bank would provide some intervention through open market bond purchases to help tight cash conditions.
It last bought bonds from the secondary market in late August.
"Yesterday's statement keeps hopes of OMOs alive but they will do it probably only
RBI bans 0% interest rate scheme for buying goods
Inflation worry led RBI to hike rates: Experts
House prices tumble as buyers delay purchases
Indian bonds gain as Rajan takes over as RBI Governor
Ban on zero-interest schemes, a boon for customers