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Indian shares looked set to open higher on Monday on improved global cues due to a weekend debt ceiling deal in the U.S.

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.

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