Indian benchmark indices — Sensex and Nifty 50 are likely to open marginally higher on July 26, ahead of the US Federal Reserve's monetary policy decision and key corporate earnings.

India's GIFT Nifty on the NSE International Exchange was up 0.13 percent at 19,882 as of 8:02 am.

On July 25, the Nifty 50 consolidated closed with minor gains. The blue chip index has overall corrected from the high of 19,992 on July 20 due to factors such as mixed corporate numbers and uncertainty ahead of the Fed Meet.

As few analysts opine that India's result season has been a little disappointing, there might be some consolidation, one of the cues that might help the Nifty 50 resume.

In terms of the overall global cues, the Fed continued to be in focus with US markets closing higher. Alphabet and Microsoft reported their earnings for the June 2023 quarter. Meanwhile, Asia is largely lower ahead of the Fed decision.

Back home, stock specific action continued. L&T met earnings estimates and also announced Rs 10,000 crore share buyback. Tata Motors shares recorded a 41 percent jump in revenue. The automaker announced a conversion of DVR shares to ordinary.

On the macro front, the International Monetary Fund (IMF) has revised India's FY24 GDP growth forecast to 6.1 percent, which is 20 basis points higher than the April estimate.

Overall, the big cues to watch out for would be earnings, the Fed meet and also expiry due this week.

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