In today's trading session, investors will react to June quarter earnings and Federal Reserve Chairman Jerome Powell's hint at a possible rate cut later this month.
In an appearance before his Congressional overseers on Wednesday, Powell confirmed that the US economy is still under threat and that the central bank stands ready to “act as appropriate”.
That apart, foreign fund flow, stock-specific action, crude oil prices and rupee movement against the US dollar could also steer indices.
Now, let's see how global markets have fared.
Asian stocks rose on Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent, while Japan's Nikkei added 0.15 per cent, and South Korea's KOSPI climbed 0.7 per cent.
The SGX Nifty is also signalling a positive start for the indices back home today.
In US, the Dow Jones rose 0.29 per cent to 26,860, the S&P 500 gained 0.45 per cent to 2,993 and the Nasdaq Composite added 0.75 per cent to 8,203.
In commodities, US oil futures hit their highest in over a month on Thursday. US WTI crude futures were up 11 cents at $60.54 a barrel, while Brent crude futures were down 5 cents at $66.96 a barrel.
Next up are some technical calls
Tradebulls Securities recommends buying HDFC Bank at current market price of Rs 2389 with a target of 2434 with stop loss at 2366.
CapitalVia Global Research recommends selling Hindustan Unilever at current market price 1705 for the target of 1680 with stop loss at 1725
 "Market Ahead, July 11: Top factors that are likely to guide markets today")
