BENGALURU: India’s benchmark Nifty 50 index is set to hit a record high at the open on Friday, while oil-to-telecom conglomerate Reliance Industries, which led the gains this week, will be in focus again after its telecom arm Jio announced tariff hikes.
The GIFT Nifty was trading at 24,207.5 as of 08:25 a.m. IST, indicating that the Nifty 50 will open above Thursday’s record close of 24,044.5.
The Nifty and S&P BSE Sensex have gained in all four sessions so far this week, adding about 2.3% and 2.6%, respectively, and logging record closing highs in the last three sessions.
The benchmark indexes are also headed for their biggest monthly gain since December, with Nifty up 6.72% and Sensex 7.14% higher on strong economy, policy continuity and foreign inflows.
The second heaviest Nifty 50 stock, Reliance Industries , will be in focus after its telecom unit Jio hiked prices for 19 plans by around 13% to 22%.
Reliance is up 5.25% this week so far, leading the rise in benchmark indexes and on course for the best week in about five months.
Other telecom companies like Bharti Airtel and Vodafone Idea will also be in focus, as Jio’s tariff hike is the first in the industry since 2021. In global markets, Asian stocks opened higher on the day, tracking Wall Street equities.
Investors await the Federal Reserve’s preferred gauge of inflation, US personal consumption expenditure data due later in the day, for cues on the timing of a rate cut.
Foreign investors bought Indian shares worth 76.59 billion rupees (about $918 million) on a net basis on Thursday, while domestic investors sold stocks worth a net 36.06 billion rupees, per exchange data.
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