The policy of the Reserve bank of India (RBI) and macroeconomic data could be the major trigger for the market in the forthcoming week. Besides, trends in global stock markets, the movement of rupee against the US dollar and crude oil prices and foreign portfolio investors will factors on the Stock exchanges in the near term, as per market analysts point of view.  They also said that the markets may see some consolidation ahead of the earnings season which would start from mid-April.

"Going ahead, Indian markets are likely to track global cues after the recent announcement of investment plan by the US President. Further, investors would now focus on upcoming quarterly results which would kick start from mid-April," Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd said.

"Domestically, concerns over the fast-spreading second wave of COVID-19 in India continue to remain and the fear of possible lockdowns prevail. Overall markets are likely to remain in consolidation mode for some time awaiting for fresh positive triggers," Khemka said. Nirali Shah, Head - Equity Research, Samco Securities said that a noteworthy event to look forward to this week would be the central bank's MPC meet.

The Monetary Policy Committee headed by the RBI Governor is scheduled to meet from April 5-7. The PMI data for manufacturing and services sectors are also scheduled to be announced this week, which would also influence trading sentiments.

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