BENGALURU, July 12 (Reuters) - Indian shares rose on Friday, as bets of a rate cut in the world's largest economy in September boosted information technology stocks after heavyweight Tata Consultancy Services beat quarterly revenue estimates.

The NSE Nifty 50 rose 0.42% to 24,419.3 as of 9:49 a.m. IST, while the S&P BSE Sensex added 0.34% to 80,170.99 points. The Nifty 50 touched 24,440.75, about 20 points away from a record high hit on Wednesday.

Better-than-expected results from TCS are lifting IT stocks, VK Vijayakumar, chief investment strategist, Geojit Financial Services said.

Tata Consultancy Services, India's top IT services company, which reported a revenue beat on Thursday, rose 3% and was among the top three Nifty 50 gainers by percentage.

TCS's return to growth in key verticals and markets, and net hiring at a seven-quarter high are "emerging signs of revival", analysts at Jefferies said, upgrading the stock to "buy" from "hold".

The IT index rose 2.2%, with all its 10 constituents logging gains.

U.S. consumer prices unexpectedly fell in June, boosting odds of a 25 basis point U.S. rate cut in September to 85%, according to CME FedWatch.

India's retail inflation is expected to be close to 5% in June, in line with Reserve Bank of India's expectations but still above 4% target, central bank chief Shaktikanta Das told local media on Thursday. The data is due after market.

Oil India jumped 7% after Morgan Stanley raised the target price to a street-high of 663 rupees, an implied upside of 20% over its last close, estimating the company's earnings will double over five years.

The broader, more domestically focussed small- and mid-caps rose 0.75% and 0.4%, respectively.

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