India’s Nifty 50 set for a record high open on Friday, driven by Reliance Industries’ gains and Jio’s tariff hikes. Key stocks to watch include JSW Infrastructure and Brigade Enterprises.
Mumbai, Bollywood Fever: India’s benchmark Nifty 50 index is set to open at a record high on Friday, with oil-to-telecom conglomerate Reliance Industries leading the gains. Reliance’s telecom arm, Jio, recently announced tariff hikes, which will keep the company in focus.
As of 08:25 a.m. IST, the GIFT Nifty was trading at 24,207.5, indicating that the Nifty 50 would open above Thursday’s record close of 24,044.5. Both the Nifty 50 and the S&P BSE Sensex have risen in all four sessions this week, with gains of approximately 2.3% and 2.6%, respectively, logging record closing highs for the last three sessions.
These benchmarks are on track for their biggest monthly gain since December, with the Nifty up 6.72% and the Sensex 7.14% higher. The rally is attributed to a strong economy, policy continuity, and foreign inflows.
Reliance Industries, the second heaviest stock in the Nifty 50, has gained 5.25% this week, leading the benchmark indexes and on course for its best week in about five months. Jio’s tariff hikes for 19 plans, ranging from 13% to 22%, mark the first industry-wide increase since 2021. Other telecom companies like Bharti Airtel and Vodafone Idea will also be in focus.
In global markets, Asian stocks opened higher, following gains in Wall Street equities. Investors are keenly awaiting the U.S. personal consumption expenditure data, the Federal Reserve’s preferred inflation gauge, for insights on the timing of a rate cut.
Foreign investors bought Indian shares worth 76.59 billion rupees (approximately $918 million) on a net basis on Thursday, while domestic investors sold stocks worth a net 36.06 billion rupees, according to exchange data.
Stocks to Watch:
- JSW Infrastructure: The company’s unit will acquire equity shares of Navkar Corporation at 95.61 rupees per share.
- Brigade Enterprises: The company has launched a six-tower residential project in Bengaluru, with a revenue potential of 11 billion rupees.
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