India's NSE stock futures listed on the Singapore exchange were up 0.86% at 18,707, as of 8:25 a.m. IST.

U.S. President Joe Biden and House Speaker Kevin McCarthy forged an agreement over the weekend to avert a default to suspend $31.4 trillion debt ceiling until 2025, ahead of the June 1 deadline. The deal will have to pass through the U.S. congress. Asian markets edged higher.[MKTS/GLOB]

The Nifty 50 gained 1.63% last week and closed at a five-month high on Friday amid stable earnings and sustained foreign inflows into equities.

Foreign institutional investors (FIIs) bought 3.50 billion rupees ($71.2 million) worth of Indian equities on Friday. FIIs have been net buyers in Indian stocks in 21 of the last 22 sessions.

STOCKS TO WATCH

**** Bharat Heavy Electricals Ltd: Co reports fall in profit in March quarter, on rising costs.

**** Oil and Natural Gas Corporation Ltd: Co reports loss in fourth-quarter, dragged by one-time loss.

**** Central Bank of India Ltd: RBI imposes monetary penalty on lender

**** Lupin: Co's Canada subsidiary gets approval to market generic version of Spiriva, a drug used to treat chronic obstructive pulmonary disease (COPD)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema and Dhanya Ann Thoppil)