Indian benchmark indices — Sensex and Nifty 50 — are likely to open little changed on July 16 after hitting record highs in the last trading session on July 14. This on the hopes of the US Federal Reserve pausing its rate hiking cycle while weak China data remained an overhang.

India's GIFT Nifty on the NSE International Exchange was up 0.09 percent at 19,636.5 as of 8:11 a.m.

HDFC Bank will announce its results for the April to June 2023 quarter, and JSW Steel followed by Reliance on Friday.

Meanwhile, the global setup continues to be very positive. US economists are calling it a goldilocks scenario because inflation is trending down while the labour market continues to be resilient.

Economists who expected a recession in the US economy towards the end of the year are saying that now the base case is that the recession may be pushed forward to next year, the early part of next year and it could be a soft landing.

The US economy is truly resilient to absorb the more than 500 basis points of rate hikes that we've seen so far in the last 12 months and it's not going to tip it into a very deep and severe recession.

Back home, after spending a week consolidating a band of 19,300 to 19,500 the markets convincingly broke out. The Nifty 50 scaled to an all-time high of 19,550 mark

HDFC Bank, will report its earnings numbers for the June 30 ended quarter. The stock has a 29 percent weight on the Nifty Bank. Other companies due to post their earnings include LTI Mindtree and Tata Elxsi.

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