"This week, there are fewer cues on the macro and micro fronts, as the Q1 earnings season has concluded. However, important global
Traders will also closely monitor institutional flows and crude oil price movement, he added.
Easing fears of a recession in the US triggered a global market rally on Friday.
"Positive US economic data like cooling inflation and robust retail sales numbers shrugged off recession fears while talks of a rate cut by the US Fed as early as next month fuelled a mega rally across global equities, including India," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
The 30-share BSE benchmark jumped 1,330.96 points or 1.68 per cent to settle at 80,436.84 on Friday, marking its best single-day gain in more than two months. The NSE Nifty surged 397.40 points or 1.65 per cent to close at a two-week high of 24,541.15.
"The outlook for the market will be guided by the FOMC meeting minutes, US existing home sales and new home sales data," Palka Arora Chopra, Director, Master Capital Services Ltd, said.
Last week, the BSE benchmark jumped 730.93 points or 0.91 per cent, the Nifty climbed 173.65 points or 0.71 per cent.
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, said, all eyes this week will be on US Fed meeting minutes.
"Overall we expect the market to consolidate in a broader range and take cues from global factors," Khemka added.