Indian shares extended their gains from the last hour of the previous session to trade higher on Tuesday morning. At 9.31 am, the Sensex was trading up 636.06 points or 1.08 per cent at 59,777.29, while the Nifty was trading 203.15 points or 1.15 per cent higher at 17,825.40. By the time of writing this report, 49 out of 50 Nifty companies have advanced and 1 declined. Investors seem to have already discounted potential rate hikes by major central banks, including the US Federal Reserve. Positive cues from the US markets overnight also supported. The two-day monetary policy meeting of the US central bank is set to begin today. Consumer inflation in the US declined marginally to 8.3 per cent in August from 8.5 per cent in July, but is well above the target of 2 per cent. Several senior top bankers had recently said that another hike in interest rates is imminent.