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Another factor which will buoy the markets is major corporate earnings of heavyweights like ONGC, Tata Power, Tata Steel, Tata Motors and State Bank of India.
Also, as the results season concludes, investors' focus is likely shift to expectations from the Union Budget 2013-14.
The December IIP data on Tuesday and January wholesale price index (WPI) inflation figure on Thursday will be in focus.
Today, the markets are likely to to see a flat to positive opening on the back of positive global cues. The SGX Nifty was up nine points at 5,916.
In the US markets, strong economic data buoyed global equity markets, lifting the Nasdaq to a 12-year closing high and the S&P 500 to a five-year high, while the yen soared after Japan's finance minister said its recent drop had gone too far, too fast.
The Dow Jones industrial average ended up 0.35 percent at 13,993. The Standard & Poor's 500 Index .SPX closed up 0.57 percent at 1,518. The Nasdaq Composite Index gained 0.91 percent to 3,194.
In Asia, almost all the major markets are closed for the day on account of Chinese new year holidays.
STOCKS TO WATCH
Hindalco was see a negative tick as the company faces transfer pricing tax notice from the income-tax department.
Apollo Hospitals may see a postive price action as the firm is planning to increase the value of its pharmacy retail business, Apollo Pharmacy, over the next 12-18 months.
Britannia, Dishman Pharma, Indian Hotels, Jaiprakash Associates, JSW ISPAT Steel, Man Infra, ONGC, PTC India Fin, Punj Lloyd, Sadbhav Eng,Tata Power and Voltas are some of the companies announcing their Q3 numbers.
