Markets this week would be guided by the ongoing quarterly earnings, macroeconomic data announcement and global trends, analysts said.
The government will release industrial production data for June and inflation data for July this week.
The RBI has revised its retail inflation forecast to 5.7 per cent, up from the earlier 5.1 per cent due to price pressure on account of supply constraints and high crude oil prices.
With the ebbing of the second COVID wave, the RBI has retained its GDP growth forecast for the current fiscal year ending in March 2022 at 9.5 per cent.
Nirali Shah, head of equity research, Samco Securities said, "This week, all eyes will be on key economic data and ongoing results of companies.
"Although market sentiment is expected to remain buoyant, specifics on important economic indicators ranging from industrial numbers to inflation rate and manufacturing production will keep markets on their feet."
MRF, Amtek Auto, Jindal Steel & Power Limited, Lupin, Eicher Motors, Tata Steel, Grasim Industries, NBCC and ONGC, among others, will announce their quarterly financial results this week.
"This week, key economic data releases to watch out for include inflation data for July and industrial production data for June," said Vinod Nair, head of research at Geojit Financial Services.
Trend in other major drivers for the equity market -- foreign institutional investors, Brent crude and rupee -- would also be monitored by investors.
During the last week, the 30-share BSE benchmark rallied 1,690.88 points or 3.21 per cent. The benchmark reached its all-time high of 54,717.24 on August 5.
"Progress of monsoon, Q1 corporate earnings and COVID-19 trends will be in focus in coming days," according to Binod Modi, head strategy at Reliance Securities.
