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With the earnings season nearing its end, stock markets are set to react to global trends and foreign investors' trading activity this week, analysts have indicated.

The key event of the week will be the release of the Federal Open Market Committee (FOMC) minutes from the US, experts say.

"With the Q1 earnings season wrapping up, there are fewer immediate macro and microeconomic cues. However, significant global economic data, including Japan's inflation figures and the minutes from the US FOMC meeting, will attract close attention. The ongoing geopolitical uncertainty remains a major short-term risk for the market," said Santosh Meena, Head of Research at Swastika Investmart Ltd.

Traders are also expected to monitor institutional flows and fluctuations in crude oil prices.

A global market rally was sparked on Friday by easing recession fears in the US.

"Encouraging US economic data, such as moderating inflation and strong retail sales, alleviated recession concerns. Additionally, speculation about a possible rate cut by the US Federal Reserve as early as next month drove a significant rally in global equities, including in India," noted Prashanth Tapse, Senior VP of Research at Mehta Equities Ltd.

The 30-share BSE benchmark surged by 1,330.96 points or 1.68 per cent to close at 80,436.84 on Friday, marking its highest single-day gain in over two months. The NSE Nifty rose by 397.40 points or 1.65 per cent, ending at a two-week high of 24,541.15.

"The market outlook will be influenced by the FOMC meeting minutes, as well as US existing home sales and new home sales data," said Palka Arora Chopra, Director at Master Capital Services Ltd.

Last week, the BSE benchmark increased by 730.93 points or 0.91 per cent, while the Nifty rose by 173.65 points or 0.71 per cent.

Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, remarked that all eyes will be on the US Fed meeting minutes this week.

"We anticipate that the market will consolidate within a broader range and respond to global developments," Khemka added.