In addition, the market would also look forward to refunds from two major initial public offers, one by Kishore Biyani-led Future Capital and another from Anil Ambani group's Reliance Power.
The two public issues had seen demand worth over Rs 8,00,000 crore collectively, a large portion of which was diverted from the secondary market.
While post-allotment Future Capital shares, close to Rs 16,000 crore is estimated to find its way to the secondary market, the allotment of shares in Reliance Power IPO would release more than Rs 1,00,000 crore.
The refunds for unalloted shares of Future Capital, to list on February 1, would start on January 29, while that for Reliance Power would follow soon after.
The refunds to qualified institutional investors alone are estimated at about Rs 40,000 crore in Reliance Power IPO.
But, all the eyes in the market would be on the monetary policy review by Reserve Bank of India on January 29 for future direction to the Indian bourses. The possibility of a 25 basis points repo rate cut by the central bank has increased, especially after a sharp cut in the US rates.
After cutting the rate by 75 basis points in an emergency meeting last week, Fed's rate-setting committee is holding its scheduled meeting on January 30, where it could provide further insights on the future outlook.