Indian shares hit record highs helped by gains in IT and consumer firms

Indian shares hit record highs at open on Thursday, helped by gains in information technology and consumer goods companies.

The benchmark Nifty 50 and S&P BSE Sensex touched all-time highs of 26,034.55 points and 85,248.40, respectively.

The Nifty closed above the 26,000 mark for the first time in the prior session as its rally through most of this year culminated in record highs in the past five sessions.

That five-day rally, in which the Nifty gained more than 2.5 per cent, came after the US Federal Reserve's big rate cut last week boosted hopes of higher foreign inflows into emerging markets, such as India.

IT stocks, which rely heavily on US clients for revenue, were up 0.5 per cent on the day after having struggled for direction since the Fed decision.

Later in the day, comments from Fed Chair Powell and other key Fed officials will be scrutinized for cues on what the central bank's next move is likely to be.

The consumer goods index was up 0.4 per cent and was among the top gainers of the 13 major sub-indexes. ($1 = 0.7501 pounds)