BENGALURU: Indian shares opened at record highs on Monday, tracking gains in Asian peers and lifted by information technology stocks, as investor sentiment remained upbeat on hopes of a September rate cut in the United States.

The Nifty 50 index opened 0.39% higher at a record high of 25,334.40 points, while the BSE Sensex opened 0.45% higher at a record high of 82,732.95.

Gains on the Nifty were boosted by Hero MotoCorp and Bajaj Auto, which rose 3% and 2%, respectively, after reporting higher August monthly sales.

India’s Nifty 50 logs longest-ever rally, hits record high

Meanwhile, the Nifty IT index gained 0.5% as traders braced for a data-packed week culminating in the US jobs report, which could decide the quantum of a potential September rate cut.

Markets are pricing in a 69% chance the Fed is likely to cut rates by 25 basis points in September, higher than a 64% probability a week ago, according to the CME FedWatch tool.