Rupee-dollar dynamics and crude oil movement would also be key factors to watch, they added.
"Given that there are no major scheduled events both locally as well as globally, indices are expected to consolidate and move sideways. Across the world, markets
are trying to decode how the easing of lockdown restrictions will help revive economic demand.
"However, the current response seems to be a mixed bag across the world and foresight remains blurry as to how quickly the revival in economies pan out. It insinuates a long drawn journey which ultimately will be reflected in the stock prices," said Jimeet Modi, founder and CEO, SAMCO Securities & StockNote.
During the past week, the Sensex rallied 950.85 points or 2.81 per cent.
Eight days after recording 300,000 Covid-19 cases, India went past the 4,00,000-mark on Sunday with the biggest single-day spike of 15,413 new infections, while the death toll rose to 13,254, according to Union Health Ministry data.