BENGALURU, Sept 16 (Reuters) - Indian shares rose to record highs on Monday, underpinned by metals amid a weaker dollar, while Bajaj Housing Finance (BAJO.NS) , opens new tab listed at more than double its issue price after a stellar initial public offering (IPO) last week.

Benchmarks indexes NSE Nifty 50 (.NSEI) , opens new tab and S&P BSE Sensex (.BSESN) , opens new tab were up about 0.3% each at all-time highs, as of 10:08 a.m. IST.

Twelve of 13 major sectors logged gains. Metals (.NIFTYMET) , opens new tab gained 1% as a softer dollar made the greenback-priced commodity more affordable for overseas buyers.

Expectations of an improved demand and China stimulus also pushed base metal prices higher over the past few sessions.

Energy index (.NIFTYENR) , opens new tab rose nearly 1%, while consumer index (.NIFTYFMCG) , opens new tab, which have outperformed the benchmark Nifty 50 since the start of July, eased 0.4%.

The broader, more domestically focussed small- (.NIFSMCP100) , opens new tab and mid-caps (.NIFMDCP100) , opens new tab rose about 0.4% each.

Shares of Bajaj Housing Finance (BAJO.NS) , opens new tab, the second-biggest home loan financier in the country by assets under management (AUM), debuted at more than double the offer price of 70 rupees.

Investors had bid for 64 times the shares on offer in the company's IPO, the hottest so far in 2024.

"The undertone of the market is bullish, on the back of expectations of better festival demand due to good progress on the monsoon front and the expected U.S. rate cut," said analysts at Centrum Institutional Equities.

Both benchmark indexes closed flat in the previous session, but logged their best week since the end of June ahead of a potential reduction in U.S. rates on Wednesday.

The odds of a 50-basis-point Fed cut have risen to 59% from 30% a week earlier.

An aggressive 50-bps rate cut could bring in additional foreign inflows and boost domestic equities, two traders said.

Among individual stocks, Indian rice companies such as KRBL (KRBL.NS) , opens new tab and LT Foods (LTOL.NS) , opens new tab rose 5% each after the government removed a floor price for basmatic rice exports.

Realty company Macrotech Developers (MACE.NS) , opens new tab climbed 4% after Nomura initiated coverage with "buy" rating, citing "solid earnings visibility."

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https://www.reuters.com/world/india/indian-shares-open-marginally-higher-metals-shine-2024-09-16/