BENGALURU: Indian shares opened higher on Monday, tracking gains in the broader Asian market, as mixed US jobs data bolstered expectations that the Federal Reserve may skip an interest rate hike later this month.

The blue-chip Nifty 50 index was up 0.53% at 18,632.10 as of 9:16 a.m. IST, while the benchmark S&P BSE Sensex advanced 0.56% to 62,897.39.

Most Asian shares extended a global rally on Monday on optimism the Fed would pause rate hikes this month after data showed that while the US economy added 339,000 jobs last month, wage growth moderated and the unemployment rate rose.

This week, investors will closely watch the Reserve Bank of India’s monetary policy decision.

Indian shares open lower on US debt deal concerns

The central bank is expected to leave its key interest rate unchanged on June 8 and for the rest of 2023, a Reuters poll of economists showed.