Indian benchmark indices — Sensex and Nifty 50 are set to open higher on May 16, on cooling domestic inflation and persistent foreign institutional buying in equities, while hopes of a debt ceiling deal in the US boosted sentiment across global equities.

India's NSE stock futures listed on the Singapore exchange were up 0.27 percent at 18,453, as of 7:58 am.

The Wall Street handover was also in the green. The Dow ended with a gain of 0.14 percent, and NASDAQ was higher by two-thirds of a percentage point. The S&P 500 remained in a narrow range for much of the day before strengthening a bit by the close of trade.

On May 15, the Indian market had a slight opening gap but built on that strength with Nifty Bank almost touching all-time high levels.

Towards the last hour, some volatility crept in with some profit bookings coming into the market.

The FII bought in cash for the 13th consecutive session yesterday. They’ve bought Rs 1,685 crore in the cash market for May.

Today is also a big day of earnings. The Bank of Baroda, IOC, GSP, and LIC Housing Finance among others are to report their numbers for the January to March quarter.  PVR and Coromandel International will be reacting to the numbers not strictly comparable because of the merger.

Tune in to Marketbuzz Podcast for more news and cues ahead of today’s session