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Last Updated : Mar 11, 2016 08:47 AM IST | Source: Moneycontrol.com

Nifty to open lower after ECB stimulus fails to enthuse mkts

Overnight, Wall Street closed flight while European stocks gave up early gains to trade lower after markets were left unenthused by the ECB announcement.

 
 
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Moneycontrol Bureau

Indian shares will likely open in the red after the European Central Bank (ECB) announced a rate cut and an expanded QE program but after comments from ECB chief dimmed hopes of further stimulus ahead.

The SGX Nifty in Singapore is down and is trading 4 points lower at 7484 at around 7:30 am.


Overnight, Wall Street closed flight while European stocks gave up early gains to trade lower after markets were left unenthused by the ECB announcement.

At a press conference following the ECB policy meet, Mario Draghi said, "From today's perspective and taking into account the support of our measures to growth and inflation, we don't anticipate that it will be necessary to reduce rates further."

Asian markets are trading mixed at this point; Nikkei is down 0.89 percent from yesterday’s close while KOSPI and Hang Seng are trading in green.

The US dollar fell against the euro after the common currency strengthened following Draghi's comments and Nasdaq closed in red with a 12.22 point fall.

The commodity market too witnessed weakness, with US crude oil falling 1.18 percent to USD 37.84 a barrel whereas, gold bounced back from a 6 week low against the dollar.

Locally, real estate stocks are speculated to witness a boost today after the Rajya Sabha cleared the Real Estate Bill on Thursday.

Other stocks in news will be Interglobe Aviation as it accepts delivery of its first Airbus A320 air plane. Bank of India, IDBI, IOB, Syndicate Bank, UCO Bank, Central Bank, Dena Bank and Corporation Bank will also be in focus as CRISIL downgrades rating of these eight public sector banks. 
First Published on Mar 11, 2016 07:58 am
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