Today, all eyes will be on ECB as it meets later in the day. The bank‘s Chief Mario Draghi is expected to take further easing steps and a possible further cut to the already negative deposit rate.
The Indian equity market is likely to open in the green on back of positive global cues and the market indicator SGX Nifty trading up around 23 points 7557 at around 7.30 am.
Asia markets are trading higher this morning with the Nikkei bouncing back after the 1% cut we saw yesterday. China is set to release its February inflation numbers, while South Korea’s central bank will announce its monetary policy decision.
The US market ended higher in low volume, led by the direction of oil prices. Europe too ended in the green ahead of the European Central Bank (ECB) meet.
Back home, stocks closed mostly higher, as investors eyed the fluctuation in commodity stocks, ahead of today's European Central Bank policy meeting. A late surge helped our own market post healthy gains. The Nifty closed well above the 7500 mark helped by banking stocks and Sensex gained over 100 points.
Today, all eyes will be on ECB as it meets later in the day. The bank’s Chief Mario Draghi is expected to take further easing steps and a possible further cut to the already negative deposit rate.
From the commodities space, crude prices surged 5 percent overnight with Nymex crude hitting three-month highs after a big gasoline inventory drawdown amid improving demand.
From other asset class, the euro slipped as investors await the outcome of the ECB meeting, which they expect will result in interest rates falling deeper into negative territory. Also New Zealand's kiwi dollar dropped toward its worst week in two months after the nation's central bank unexpectedly cut interest rates to a record.
Gold prices fell to USD 1250 an ounce.
On the home front, Hero MotoCorp board will meets today to consider & declare interim dividend for FY16. Street expects interim dividend to be at least Rs 75 given the payout last year.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.