BENGALURU (Reuters) - Indian shares, trading near record highs levels, will likely see a muted opening on Wednesday after Federal Reserve Chair Jerome Powell offered little hint on the timing of interest rate cuts in the world's largest economy.

The GIFT Nifty was at 24,486 points at 8:25 a.m. IST, indicating that the NSE Nifty 50 is likely to open slightly above its record close level of 24,433.2 on Tuesday.

Both the Nifty 50 and S&P BSE Sensex hit record high levels and logged record closing highs on Tuesday.

The Nifty 50 has notched record closing highs 15 times out of the 26 sessions since the start of June, one more than the Sensex.

The Nifty 50 has also hit all-time highs 16 times in this period as the national general elections signalled policy continuity and as the central bank hiked its economic growth forecast.

"While the overall sentiment remains positive without signs of weakness, the market appears overbought by various measures," Rajesh Bhosale, an analyst at Angel One said.

Fed Chair Jerome Powell told the U.S. Congress that he did not want "to be sending any signals about the timing of any future actions" on interest rates.

The probability of a 25 basis point Fed rate cut in September eased marginally to 73% from 77% a day ago, but expectations of 50 bps cuts in 2024 remain intact, according to CME FedWatch Tool.

Lower U.S. rates make emerging markets such as India a relatively attractive option for foreign investors.

U.S.-rate sensitive IT stocks will be in focus ahead of quarterly results of India's top software services provider Tata Consultancy Services later in the week.

STOCKS TO WATCH

** JSW Steel: Company reported a 4% Y/Y fall in its total production for the quarter ended June 30 ** Adani Ports: Company secured order for development of a berth at Deendayal Port in the western Indian state of Gujarat ** Havells India: Company said it is planning to expand its manufacturing capabilities with a capex of 3.75 billion rupees

($1 = 83.4910 Indian rupees)

(Reporting by Manvi Pant and Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala)