The court ruled (full text) that

[t]his programme for the purchase of government bonds on secondary markets does not exceed the powers of the ECB in relation to monetary policy and does not contravene the prohibition of monetary financing of Member States. …

The Court finds that the OMT programme, in view of its objectives and the instruments provided for achieving them, falls within monetary policy and therefore within the powers of the ESCB. …

The Court also states that the OMT programme does not infringe the principle of proportionality. …

The Court states that this prohibition does not prevent the ESCB from adopting a programme such as the OMT programme and implementing it under conditions which do not result in the ESCB’s intervention having an effect equivalent to that of a direct purchase of government bonds from the public authorities and bodies of the Member States.

Claire Jones reports in the FT.

It is now up to the German Bundesverfassungsgericht to consider the ruling. The German court’s previous considerations can be found here.