Indian shares hit record highs as Asian peers gain; Fed meeting eyed

BENGALURU, June 15 (Reuters) - Indian shares rose to all-time highs on Tuesday as gains in broader markets helped investors look past data that showed retail inflation hit a six-month high, with the focus shifting to the outcome of the U.S. Federal Reserve’s policy meeting later this week.

The blue-chip NSE Nifty 50 index rose 0.39% to 15,873.15 and the benchmark S&P BSE Sensex climbed 0.46% to 52,781.57 by 0347 GMT.

India’s retail inflation accelerated in May, at its fastest pace in six months as fuel and food prices rose at a higher pace.

Broader Asian markets tracked overnight gains on Wall Street, with investors looking to a much-anticipated Federal Reserve policy meeting to see if the central bank would signal any change to the U.S. monetary policy outlook.

Many investors expect the Fed to maintain its dovish stance at its two-day meeting from Tuesday. Some Fed board members, however, have said the central bank should start discussing tapering its bond-buying.

In Mumbai trading, Reliance Industries Ltd and HDFC Ltd were the top performers on the Nifty 50, adding 0.6% and 0.5%, respectively. Shares of Reliance have gained in the last five consecutive trading sessions. (Reporting by Rama Venkat in Bengaluru; editing by Uttaresh.V)