BENGALURU (Reuters) – Indian shares are set to open marginally higher on Tuesday on improved global cues after U.S. lawmakers reached a tentative debt ceiling deal over the weekend.
India’s NSE stock futures listed on the Singapore exchange were up 0.09% at 18,707.50, as of 8:19 a.m. IST.
Asian equities were mostly higher as investors cheered the prospect that the world’s largest economy will avert a major debt default. U.S. markets were closed on Monday.
U.S. President Joe Biden and House Speaker Kevin McCarthy forged an agreement to suspend the country’s $31.4 trillion debt ceiling until 2025, ahead of the June 1 deadline. The deal will have to pass through the U.S. Congress. [MKTS/GLOB]
The Nifty 50 gained 0.54%, hitting a five-month high of 18,598.65 on Monday, amid stable domestic earnings and sustained foreign inflows into equities.
Foreign institutional investors (FIIs) bought 17.58 billion rupees ($214.97 million) worth of Indian equities on Monday. FIIs have been net buyers in Indian stocks in 22 of the last 23 sessions.
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($1 = 81.7800 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema)
