Indian benchmark indices — Sensex and Nifty 50 — are set to open higher on June 9, tracking global peers, as increased probability of a rate pause from the US central bank lifted sentiment a day after the Reserve Bank of India kept rates unchanged.

The SGX Nifty is suggesting a bit of a positive start for June 9 after yesterday's collapse in the market on the back of the hawkish pause on interest rates by RBI.

Economists say RBI is going to stay on pause and hold rates for longer than what they were expecting earlier. So if earlier, the economists were hoping for a rate cut by the end of November or December 2023, it's now been pushed back by at least two to three months, but it depends on the inflation and growth dynamics. So, the situation continues to remain very fluid.

The reason why the Nifty 50 could see a bit of an uptick in the morning is because global markets are up. In the US, S&P 500 had its best close in 2023, the NASDAQ rallied nearly a percent and initial jobless claims were better than what the street was anticipating at 261,000.

Basically, when jobless claims are higher that means there are more people looking for a job, meaning the market is weak. It is something that the Fed is looking at and wants the labour market to soften.It does give the Fed more reason to be on pause this time around in the upcoming policy meet.

Asian markets, meanwhile, were broadly higher across the board.

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