Share markets are anticipated to be driven by global trends this week which may also see consolidation as the earnings season is largely over, analysts said. The movement in the rupee and FII investment would also influence the investor sentiment, they suggested.

As the Indian market remains largely bullish with intermittent correction and consolidation, wholesale inflation data (WPI), global cues along with the trend in the foreign institutional investments (FII) will drive the domestic indices in the coming week, analysts said.

Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services noted that post the sharp rally after the budget, the Indian equity market saw some consolidation in the week ended Friday, although it ended on a positive note.

"Markets seems to have factored in all the crucial events and the coming week may witness consolidation or short-term healthy dips in prices," Nirali Shah, Head- Equity Research, Samco Securities "The recent consolidation in the index is in-line with expectations but there's no sign of exhaustion yet. With earnings season largely behind us, global cues will dictate the market trend ahead," said Ajit Mishra, VP - Research, Religare Broking Ltd.

The Wholesale Price Index for January, which shows the wholesale inflation rate, will be released on Monday. Lower food prices, especially those of vegetables and cereals, brought down India's sequential retail price inflation in January 2021.

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