The European Central Bank (ECB) on Thursday kept rates unchanged
at 0.75% and the interest rates on the marginal lending facility
and the deposit facility remained unchanged.
"The ECB meeting overnight has provided a "risk-on" rally for
markets globally. While the markets could benefit near term if we
get a risk-on rally globally, we are skeptical on the
sustainability of any sharp rally especially if we get a rise in
global commodity prices," said Bank Of America Merrill Lynch.
"In fact, we are worried it could hurt India"s already fragile
economy. We continue to expect markets to remain range-bound with a
weak economy, earnings and reasonable valuations providing an upper
cap to markets," it added.
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