BENGALURU, Sept 23 Reuters Indian shares hit record highs on Monday, lifted by expectations of increased foreign inflows after last week39;s rate cut by the US Federal Reserve fueled riskon sentiment among investors.

The Nifty 50 index and the SP BSE Sensex both rose about 0.4 each to hit record highs as of 948 a.m. IST.

The benchmark indexes have scaled alltime peaks every day since the Fed cut rates by 50 basis points on Sept. 18.

Post the rate cut by the Fed, foreign portfolio investors have turned aggressive buyers of Indian equities, which is a positive, said G Chokkalingam, founder and head of research at Equinomics Research.

There is further headroom for the benchmarks Nifty and Sensex. Besides Fed, steady monsoons and strong macroeconomic growth should continue to propel market further, Chokkalingam said.

All the 13 major sectors logged gains.

Pharma and stateowned companies rose over 1 each, leading the sectoral gains.

The broader, more domestically focussed small and midcaps rose 0.5 and 0.2, respectively.

Among individual stocks, city gas distributor Adani Total 5 after securing financing worth 375 million, which it would use to expand its city gas distribution network.

Drug maker Glenmark Pharma jumped 7 after U.S. drug regulator issued form 483 with zero observations after an inspection at the company39;s formulations manufacturing facility in Aurangabad in the Indian state of Maharashtra.

Telecom services provider Vodafone Idea gained 10 after…