Indian benchmark indices — Sensex and Nifty 50 — are headed for a gap-up opening on May 29 following strong the rise in Asian shares and US futures buoyed by a weekend deal by US President Joe Biden and congressional Republican Kevin McCarthy to suspend the government's debt ceiling.

The SGX is indicating a positive start.

On Friday, the US tech-heavy index NASDAQ launched a fifth week of gains. Meanwhile, the domestic market closed at five-month highs with the Nifty 50 ending at almost 18,500, the highest closing level seen in 2023.

Brent crude ticked marginally higher as hopes of a debt ceiling breakthrough aided in terms of momentum.

The markets are likely to focus on the Fed trajectory core personal consumption price index, which is an indicator of inflation in the US.

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