BENGALURU, Sept 2 Reuters Indian stock indexes eased off record highs at midmorning on Monday but remained elevated as consumer goods and information technology stocks boosted the benchmarks.

The Nifty 50 index was up 0.27 to 25,304.1 points, while the BSE Sensex was trading 0.32 higher at 82,624.67.

Shares of consumer goods makers like ITC and Hindustan Unilever gained 2 and 1 respectively and lifted the Nifty FMCG index up 1 after the Indian weather department said the country saw aboveaverage rainfall in August and forecast September rainfall to be 109 of the 50year average.

JuneSeptember rainfall accounts for almost 70 of the rain India needs to water farms and replenish reservoirs and aquifers.

Meanwhile, the Nifty IT index gained 0.5 as traders braced for a datapacked week culminating in the U.S. 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.

Tech stocks globally seem to be rising as investors are convinced that the U.S. Federal Reserve may start a rate cutting cycle at its September meet, said Deepak Jasani, Head of Retail Research at HDFC Securities.

The broader, more domestically focussed midcaps index hit record high earlier in the session but trimmed gains to trade 0.3 lower, while the smallcaps was trading flat.

Reporting by Manvi Pant in…