BENGALURU: Indian shares opened higher on Thursday, led by information technology stocks and tracking a rally in other Asian equities after softer-than-expected U.S. consumer inflation raised expectations of at least two interest rate cuts in 2024.

The blue-chip NSE Nifty 50 was up 0.53% at 22,319.20 points, while the S&P BSE Sensex rose 0.48% to 73,338.24, as of 9:15 a.m. IST.

All 13 major sectors logged gains.

U.S.-rate sensitive information technology sector rose 0.75%. Indian IT companies derive a significant portion of their revenue from the United States.

The rise comes after data showed U.S. consumer prices rose less than expected in April, suggesting inflation has resumed a downward trend, spurring Wall Street equities to record closing highs overnight.

Other Asian peers also rallied, on the day, buoyed by the inflation data.

(Reporting by Dimpal Gulwani and Bharath Rajeswaran in Bengaluru; Editing by Varun H K)