Reserve Bank's monetary policy review meet this week, key macro data and corporate quarterly earnings will size up the market this week, say experts.

The monetary policy committee (MPC) of the central bank will take a call on whether to reduce rates at its next policy meeting on February 8.

"Apart from RBI's monetary policy, the ongoing earnings season will continue to impact investor sentiment," said Vijay Singhania, Founder-Director, Trade Smart Online.

Major results that are lined up this week are Tata Steel, BHEL, Punjab National Bank, Cipla, Hero MotoCorp, NTPC, Lupin, GAIL, Mahindra & Mahindra, State Bank of India and Tata Power.

Index of industrial production (IIP) for December 2016 is scheduled for release on Friday.

Marketmen said that going ahead, state election trend will dictate which way the market will move. The elections in Punjab, Goa, Uttar Pradesh, Uttarakhand and Manipur will spill over to March.

"Also, developments in the ongoing Budget session of Parliament will be keenly watched," Singhania noted.

US jobs numbers will be another key datapoint to be watched out for.

"Going ahead, the remaining quarterly results will be important to determine the impact of demonetisation. Focus will now shift to the RBI meeting," said Dipen Shah, Senior Vice-President – PCG Research, Kotak Securities.

Last week, the Sensex rallied 358.06 points, or 1.28 per cent, and the Nifty 99.70 points, or 1.15 per cent.

"Quite a lot of corporates are yet to announce their quarterly earnings. We expect indices to take cues from their earnings growth as well," said Abnish Kumar Sudhanshu, Director and Research Head, Amrapali Aadya Trading and Investments.