Market may open higher

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 39 points at the opening bell.

Global markets:

Overseas, Asian stocks are mostly trading higher on Tuesday following a positive lead from Europe as some stability returned to markets after last week's hefty losses.

Meanwhile, Australia's central bank says inflation will peak by the end of the year. The Reserve Bank of Australia governor Philip Lowe said in a speech that he expected inflation in Australia to peak at around 7% by the end of the year as pandemic-related supply chain disruptions resolve.

South Korea's central bank on Tuesday said it expects inflation will be higher than earlier projected and that it would closely assess debt repayment burdens to determine whether a half-percentage point interest rate hike in July was appropriate.

Markets in the U.S. were closed on Monday for a holiday.

Investors will monitor incoming data, including existing home sales on Tuesday, to gauge the health of the economy. Fed Chair Jerome Powell will testify before Congress Wednesday and Thursday. His appearance comes after a recent rate hike by three-quarters of a percentage point, the central bank's biggest increase since 1994.

Domestic markets:

Back home, the key equity indices closed with decent gains on Monday, breaching six-day losing streak. The barometer index, the S&P BSE Sensex, rose 237.42 points or 0.46% to 51,597.84. The Nifty 50 index rose 56.65 points or 0.37% to 15,350.15.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,217.12 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,093.39 crore in the Indian equity market on 20 June, provisional data showed.

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