BENGALURU, Aug 17 (Reuters) - Indian shares gained on Wednesday, with the S&P BSE Sensex hitting its highest level since April 5, as easing pace of inflation and strong earnings drove gains.

The NSE Nifty 50 index rose 0.5% to 17,915.45 as of 0515 GMT while the Sensex was trading 0.5% higher at 60,140.2.

A softening inflation print has given rise to expectation the Reserve Bank of India might slow down pace and quantum of rate hikes in the coming months.

"There is comfort that aggressive rate hike cycle might just get over with one or two more cycles," said Siddharth Khemka, head of retail research at Motilal Oswal Financial Services.

"The stance (by global central banks) may become softer gradually, and market is hoping for a softer landing, which is boosting sentiment across the world."

Strong corporate June-quarter results, softening commodity prices and easing of consumer inflation has helped domestic mood, particularly in consumer and auto stocks, Khemka added.

The Nifty FMCG index rose to a record high, with Hindustan Unilever up 1.8%.

The Nifty Media index jumped 2.4% while the IT index was up 0.9%.

Foreign institutional investors have also been pumping money into Indian equities, having bought $2.83 billion worth of shares this month until Aug. 12, compared with an inflow of $618 million all through July, data showed.

Asian shares tracked solid Wall Street performance as strong overnight earnings for U.S. retail giants pointed to further scope for the Federal Reserve to tackle inflation with rate hikes.

Meanwhile, in domestic markets, shares of Mahanagar Gas Ltd fell as much as 3.8% after the company reduced prices of compressed natural gas and domestic piped natural gas in and around Mumbai. (Reporting by Tanvi Mehta in Bengaluru, additional reporting by Gaurav Dogra; Editing by Neha Arora)