Yesterday’s T-Bill auctions were the first after the rate hike and there has been a spike (Only 91 day and 364 day t-bills were auctioned yesterday, 182 day T-Bills will happen next wednesday)
The 10 year bond yield had spiked on Tuesday to about 8.44%. Effectively people are willing to pay more for a 1 year bill than for the 10 year bond.
91 day T-Bills (on which interest rate futures were introduced earlier this month on the NSE) ended up auctioning out at 8.39%. Since this has spiked up, the buyers of 91-day IRFs on the NSE would have seen a loss (higher yields=lower prices).