D-Street to monitor RBI policy review; to start with weak note | business | Hindustan Times
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D-Street to monitor RBI policy review; to start with weak note

business Updated: Jul 26, 2009 13:10 IST
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Dalal Street will closely watch the RBI's credit policy review this week for a positive thrust, but is likely to start volatile mainly on the back of weak earnings posted by the country's most-valued firm, RIL.

"Amid the general positive bias in the market, D-Street will take cues from the global market and the RBI's steps. Accordingly 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.

The Reserve Bank would come out with its first quarterly review on July 28. The apex bank faces a tough task taking dovish stand in view of the government's massive borrowing plans.

"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 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.

Marketmen said below expected results by Reliance Industries would cast pressure on the market in the opening trade but gradually global cues would take-over.