With no major domestic macroeconomic data announcement this week, equity markets would keenly track the US Fed interest rate decision and other global trends to decide its further movement, analysts said.
Equity benchmarks surged to their fresh lifetime peaks on Friday.Analysts said positive economic data and Government reforms in telecom, banking and automobile sectors helped in boosting market sentiments.
"This week is going to be critical for the Indian market after a recent outperformance because there is some weakness in global markets where the outcome of FOMC's meeting, which is scheduled for September 21-22, will be a critical factor.
Other than the US Federal Reserve, the Bank of Japan will also come out with its monetary policy on September 22, said Santosh Meena, head (research) at Swastika Investmart Ltd.
The movement of the dollar index and US bond yield will play a key role in the behaviour of emerging markets like India, Meena added.
During the last week, the 30-share BSE benchmark jumped 710 points or 1.21 per cent. Market benchmark Sensex scaled the 59,000-mark for the first time on Thursday.
