The US Fed's meet is scheduled for June 13 and 14. It is expected to pause in this policy. The European Central Bank is expected to meet on Thursday, while the Bank of Japan meeting will conclude on Friday

Last week, the S&P 500 posted its fourth-straight week of gains and all three indices ended the week higher. On Friday, US markets ended flat as traders awaited the Fed meeting outcome and inflation data this week.

Nifty ended with a cut of 71 points on Friday and closed below the 18600-mark. Foreign investors sold Rs 308 crore in cash on Friday, while domestic institutional investors (DIIs) bought Rs 1,245 crore in cash.

Market participants are to track the IIP and CPI data that will be release this evening. April IIP and the May CPI data will be released at 5.30pm today.

And finally the rain Gods are here! Monsoon has entered Maharashtra, while the IMD says progress is satisfactory. The India Meteorological Department on Sunday afternoon announced the arrival of the monsoon in Maharashtra. As per the IMD, the northern limit of the monsoon was passing through Ratnagiri, Shimoga, and Hassan, and further progress was expected in the next 48 hours.