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India’s Equity Markets Reach New Highs

By Bharath Rajeswaran

BENGALURU (Reuters) – India’s benchmark equity indexes surged to record highs on Friday, propelled by shares of oil-to-telecom conglomerate Reliance Industries after its telecom arm announced tariff hikes and as state-owned lenders rallied. The NSE Nifty 50 climbed 0.29% to 24,113.65 points, while the S&P BSE Sensex added 0.28% to 79,465.05 points, as of 10:25 a.m. IST.

Record Breaking Performance

The indexes have logged record closing highs in the last three sessions and are both up 3% this week. They are also headed for the biggest monthly gain since December as investors cheer strong economic outlook and policy continuity. "Quality has come to the fore. Some of the large-cap banks, both state-owned and private lenders, the likes of Reliance, they have driven this rally, after the underperformance earlier in the year," Raghvendra Nath, managing director at Ladderup Wealth Management said.

Large-Caps Driving the Rally

The buoyancy in large-caps bodes well for the benchmarks in the near-term, while earnings, monsoon and the national budget will influence markets’ trajectory. Large-cap stocks like Reliance Industries, the second heaviest share on the Nifty 50, rose about 2% to a record high, after its telecom unit Reliance Jio Infocomm hiked prices for 19 plans. The hike is expected to increase the average revenue per user for Reliance over the next year by 17%, according to analysts at Morgan Stanley. Reliance has risen more than 6% this week and is on course for its best week in five months.

Public Sector Banks Gain

Public sector banks gained 2.2%, with State Bank of India rising 2% and Punjab National Bank up 4%. The inclusion of Indian bonds in JPMorgan’s widely-tracked emerging market index is likely to reduce the cost of borrowing for state-owned banks, boosting their profitability, according to two analysts.

Airport Shares Fall

Shares of GMR Airports Infrastructure shed 2% after a roof collapsed under heavy rainfall at the main airport in New Delhi, killing one person and causing cancellation of flights from one terminal.

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