Oil prices reached five month highs last week, driving market expectations for a Federal Reserve interest rate hike in December.

Rising crude prices are increasing global inflation pressures. The US Dollar strengthened 0.3% against the Euro over the same period, with the Euro falling to $1.12.

Elevated oil prices also threaten to increase India's energy import bill, worsen domestic inflation and pressure the rupee. Economy Secretary Arsenio Balisacan has separately cited global oil prices as one driver of rising consumer inflation.

Ajit Mishra, SVP Research at Religare Broking, stated that corporate earnings and September industrial production data will be the key domestic market drivers in coming sessions.