BENGALURU: Indian shares opened higher on Thursday, led by information technology stocks and tracking a rally in other Asian equities after softer-than-expected US 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. US-rate sensitive information technology sector rose 0.75%. Indian IT companies derive a significant portion of their revenue from the United States.

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The rise comes after data showed US 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.