Markets end lower as enthusiasm over easing measures fade

Updated: Friday, July 6, 2012, 15:38 [IST]

Markets ended the day in the red as global markets drifted lower after enthusiasm over the easing measures around the globe faded. The BSE Sensex ended the day lower by 17 points, while the Nifty closed the day lower by 10 points.

Jindal Steel lost more than 3.14% following reports that the company had suspended work at the Bolivia Iron Ore mine. Other shares that lost ground were Tata Power, Maruti Suzuki and Sesa Goa. Shares that gained ground today were ICICI Bank, Mahindra and Mahindra, Hindustan Unilever and HDFC.

In Europe markets were trading in the red after Mario Draghi, the ECB Chairman did not hint at any more stimulus measures. The ECB cut rates on Thursday, along with the People's Bank of China and the Bank of England in a move aimed at providing further stimulus to their faltering economies.

In Asia markets closed mixed with the Shanghai Composite and Singapore Strait Times closing higher, while the Japanese Nikkei and the Hong Kong's Hang Sang closed lower.

Markets are expected to remain range bound in the absence of any major cues.

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