Indian benchmark indices — Sensex and Nifty 50 — are set to open little changed on July 12, with investors eyeing both domestic and US inflation data for June as the quarterly results season kicks off.

India's GIFT Nifty on the NSE International Exchange was down 0.01 percent at 19,535.50, as of 8:00 am.

All eyes are on India's inflation print, due after market hours. A Reuters poll of economists showed that retail inflation likely snapped a four-month decline in June due to rising food prices.

The overnight cues from both US as well as European markets are quite positive. US markets extended the rally with all indexes ending with positive gains while the European indexes supported the rally. They too ended with mild to marginal gains.

However, crude oil prices yesterday jumped to a 10-week high with Brent futures up almost 2.5 percent to the $79.4 a barrel mark not coming closer to the Indian markets.

Meanwhile, the Nifty continued to move up mainly aided in the last two trading sessions by the strong gains in Reliance Industries. The stock surged to a fresh 52-week high almost single-handedly taking the Nifty higher with it.

Agro-chem majors have been given guidance cuts and have also been saying that 2024 could be a bit of a washout in terms of the demand that they are expecting.

The consumer price inflation and the industrial production data are due today and it will be interesting to see the kind of numbers that come out as markets take further cues from there.

The focus will also be on Tata Consultancy Services (TCS) as well as HCL Tech, both are due to report their earnings for the April to June period.

Also, HDFC Limited is set to get delisted tomorrow following the HDFC Bank merger that came into effect on July 1. Therefore, today the market is likely to witness significant index rebalancing flows as Nifty, Sensex, and Nifty Bank, all of them will see changes in constituents.

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