Analysts predict that the equity markets in India will be influenced by the Reserve Bank of India's interest rate decision, domestic macroeconomic data, and global trends this week. The activities of Foreign Portfolio Investors (FPIs) will also play a role in shaping market dynamics.

The market will closely monitor the Reserve Bank of India's Monetary Policy Committee (MPC) meeting scheduled for June 6-8, 2023. Additionally, the progress of the monsoon season and factors such as the movement of the rupee against the dollar and crude oil prices will be key focal points, as they can significantly impact market sentiment. Macroeconomic indicators, including the Purchasing Managers' Index (PMI) data for the services sector, will also be closely observed by domestic investors.Participants in the domestic market will pay attention to the upcoming RBI policy meeting and the progress of the monsoon. The previous week saw a marginal increase in the BSE benchmark and the Nifty index.

The week ahead is expected to be eventful with the outcome of the MPC's monetary policy meeting on June 8. Before that, participants will closely watch S&P Global services PMI data on June 5 for any market cues.

At the end of last week, the 30-share BSE Sensex gained 118.57 points (0.19%), settling at 62,547.11, while the Nifty climbed 46.35 points (0.25%) to finish at 18,534.10.