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Both Sensex & NIFTY moving steady towards 5480 levels ,MIDCAP and SMALL CAPS controlling market with HEAVY WEIGHTS lagging behind.Rupee showing strength against dollar in early trades.The FTSE and other European stock markets are likely to open up strongly, but will primarily be down to playing catch up with the late session recovery on US markets from Friday.
There's no meaningful economic data reaming to come today.We've already had Australian home loans data, which came in below estimates.

Tomorrow we have the Japanese central bank's latest monetary policy statement. No surprises are expected from this, but the following press conference may reveal a few tip bits that reveal how the bank is feeling about certain problems such as the strong yen.
Tuesday's main event is the Federal reserve interest rate statement from the US. No change is expected on the headline rates, but as we blogged about last week, the big question is what the Fed will be doing with the cash it is now receiving in interest payments from the mortgage bonds it purchased.

Will it buy more bonds with the cash, adding more liquidity? Or will it start to withdraw from the market and simply let the cash payments build up?.
The Treasury Bond Basis: An in-Depth Analysis for Hedgers, Speculators, and Arbitrageurs (McGraw-Hill Library of Investment and Finance)