Weak first quarter earnings by top-valued company Reliance Industries are likely to cast a shadow over stock markets when it opens tomorrow even as investors would be looking for directions from RBI's quarterly monetary policy review this week. Market observers said bourses will open this week on a weak note after the poor numbers by RIL and may even outdo the handsome gains posted last week on impressive earnings by India Inc. "Though market may witness depressed trading initially on the back of weak earnings figure of Reliance Industries. It will eventually return to the positive zone," SMC Global Vice-President Rajesh Jain said. Marketmen said though below-than-expected results by RIL would cast pressure on the market in the opening trade but gradually global cues would take over and RBI's credit policy would only impact certain sectors. "RBI's action can only have significant impact on realty and financial sectors but overall there would be volatility in the market and it would witness sideways to positive movement," Bonanza Portfolio Assistant Vice-President Avinash Gupta said. The Reserve Bank would come out with its first quarterly monetary policy review on July 28. The apex bank faces a tough task taking dovish stand in view of the government's massive borrowing plans. Jain also said that "amid the general positive bias in the market,D-Street will take cues from the global market." The BSE benchmark index Sensex closed higher by over four per cent at 15,378.96 points on Friday last week and the National Stock Exchange's Nifty gained 4.42 per cent to 4,3568.55 points during the week.
