BoA ML expects markets to remain range-bound

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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