BENGALURU: Indian stocks opened higher on Wednesday, as a softening inflation print steered expectation of slowing pace of interest rate hikes, with sentiment boosted by strength in Asia from global markets.

The NSE Nifty 50 index rose 0.3% to 17,873.95 as of 0357 GMT while the S&P BSE Sensex was trading 0.2% higher at 59,979.02.

The Nifty Energy index gained 0.8%, with NTPC Ltd up 2.1%.

India's consumer inflation dipped for the third straight month in July even though it is expected to remain above the central bank's tolerance range. Economists believe an easing pace of inflation might help bring down the quantum of rate hikes by the Reserve Bank of India.

Hopes of lower inflation were boosted by oil prices, which hit six-month lows on Tuesday.

Asian shares tracked solid Wall Street performance as strong overnight earnings for U.S. retail giants pointed to further scope for the Federal Reserve to tackle inflation with rate hikes. (Reporting by Tanvi Mehta in Bengaluru; Editing by Neha Arora)