Having scaled new heights, country’s bourses are likely to head toward a consolidation phase this week with directions coming in from rupee and global bourses, opine analysts, reports PTI from Mumbai.

The 30-share benchmark index scaled the peak of 16,616.84 points by gaining over 1,000 points during the previous week. “It is most likely that the market would continue with its positive rally and could also indicate toward a consolidation phase in the week,” a market analyst said. The next trigger most probably would come in the form of earnings for quarter ended September 2007 from India Inc.

Analysts expect with the companies to come out with decent to strong results, which could boost the market sentiment in the days ahead. “The outlook for the market remains bullish as lower Fed rates are likely to translate into upward pressure on risky assets,” said an economist with Enam Securities.