1. A method for detection and localization of performance faults in data centers, the method comprising: identifying a performance fault in a data center upon detection of the performance fault at any of a plurality of monitors in the data center, wherein the plurality of monitors are placed at monitor nodes amongst a plurality of nodes in the data center; evaluating a fault vector for the data center upon identification of the performance fault, wherein the fault vector is evaluated based on a fault indicator corresponding to each of the plurality of monitors; and determining one or more faulty nodes amongst the plurality of nodes in the data center based on a comparison of the fault vector with a signature of each of the plurality of nodes, wherein the faulty nodes are identified as likely root cause of the performance fault.