The European markets remained muted at the opening hour on Monday, as US debt ceiling agreement and euro zone inflation data remained in focus. The British FTSE was last trading 0.4 percent higher. French CAC was trading 0.1 percent lower, while the biggest European market by volume, German DAX were last trading 0.2 percent higher.

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US staved off a debt default after Senate passed the debt ceiling bill on June 2. The euro zone inflation fell more than expected in May. The rate fell to 6.1 percent in May from seven percent in the previous month.

European markets closed higher on Friday, with FTSE and CAC ending 1.6 percent and two percent higher respectively.

The Wall Street ended higher on Friday. On Thursday, Dow Jones Industrial Average ended 2.1 percent higher, while S&P ended 1.4 percent higher and Nasdaq Composite ended 1.1 percent higher.

The European markets are also taking cues from their Asian counterparts. Asian markets traded in the green on Friday. Japan's Nikkei touched a new three decade high, and was last trading 2.2 percent higher. Hong Kong was up 0.8 percent. China's Shanghai Composite was last trading 0.1 percent higher.

Crude oil prices jumped on Monday. At the last count, Brent crude futures were trading 1.6 percent higher at $77.4 a barrel. US West Texas Intermediate futures, too, were trading 1.7 percent in the green at $73 per barrel.

The Indian indices extended gains on Monday. At the last count, Sensex was up 300 points, and Nifty 50 was trading above the 18,600-mark.

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