BENGALURU, Aug 30 (Reuters) - Indian shares advanced on Wednesday, tracking Asian and U.S. peers on easing interest rate concerns after data signaled a slowdown in the world's largest economy.

The Nifty 50 index was up 0.45% at 19,430.35 at 9:58 a.m. IST, while the S&P BSE Sensex rose 0.49% to 65,394.75.

Twelve of the 13 major sectoral indexes logged gains, with high weightage financials rising 0.5%.

Information technology (IT) index climbed 0.60% after consumer confidence and job opening data also backed bets that the Federal Reserve's policy tightening had resulted in cooling the economy. IT firms earn a significant share of their revenue from the U.S.

Metal stocks extended gains for the third session in a row on China's measures to support its property sector. China is the world's largest metals producer and consumer.

"Expect no further rate hike from the Fed on September, which will provide a much-needed breather for equity markets across the world," said Deven Choksey, managing director at KRChoksey Holdings.

Analysts, however added that the consolidation in domestic equities will continue due to elevated valuations as well as monsoon concerns.

"The impact on inflation as well as consumption-linked sectors due to weak monsoon is worrisome," said Aishvarya Dadeech, chief investment officer at Fident Asset Management.

"Uptick in inflation due to a likely spike in food prices could weigh on markets and add to the worries of the Reserve Bank of India."

Among individual stocks, Zomato gained 3.5% after 100 million shares changed hands in multiple block deals.

Ami Organics gained 2.5% after Morgan Stanley Asia bought 621,898 shares of the chemicals maker, via open market transactions on Tuesday.

MPS gained 4% after acquiring 65% stake in Australia-based Liberate Group.

(Reporting by Bharath Rajeswaran and Manvi Pant in Bengaluru; Editing by Varun H K and Nivedita Bhattacharjee)