Indian benchmark indices — Sensex and Nifty 50 — are set to open higher in the trading session of November 3, following global peers as risk appetite has improved across global markets on optimism that the US Federal Reserve may not hike rates again in this cycle.

India's GIFT Nifty was up 0.70% at 19,357.50 as of 8:10 a.m. IST, over 200 points above the Nifty 50's Thursday close of 19,133.25.

Wall Street equities rallied overnight, with key indexes gaining over 1.5%, while U.S. 10-year Treasury yields fell to a three-week low. Asian markets advanced, with the MSCI Asia ex-Japan index gaining nearly 1%.

In the domestic market, Nifty 50 and Sensex witnessed a rebound on November 2. Nifty 50, however, could not cross the 19,200 mark. Now, it remains to be seen if the market will see a gap up opening and get closer to the market resistance levels of 19,250-19,300.

Among key stocks to watch is Tata Motors that posted a rise in second-quarter profit on strong JLR sales and pick-up in volumes. Drug maker Lupin has announced the launch of a drug used to control seizures, after receiving approval from the US FDA. 

Titan, IndiGo, Zomato, and Crompton Greaves, on the other hand, will report their earnings for the quarter later in the day. 

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