Indian stocks extended their gains from the final hour gains from the previous session to trade sharply higher on Tuesday morning. At 9.31 am, Sensex traded at 59,777.29 points, up 636.06 points or 1.08 per cent, whereas Nifty traded at 17,825.40 points, up 203.15 points or 1.15 per cent. Among the Nifty 50 companies, 49 advanced and 1 declined at the time of writing this report. Investors seemed to have already discounted the possible rate hikes by major central banks, including the US Federal Reserve. Positive cues from the overnight US markets too lent support. A two-day monetary policy meeting of the US central bank is scheduled to commence today. Consumer inflation in the US declined marginally in August to 8.3 per cent from 8.5 per cent in July but is way above the 2 per cent goal. Several senior top bankers recently said that another interest rate hike is imminent.