India's benchmark equity indexes rose to record highs on Friday, led by shares of oil-to-telecom conglomerate Reliance Industries that rose after its telecom arm announced tariff hikes and as state-owned lenders rallied.

The NSE Nifty 50 rose 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.

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.

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, Nath said.

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 should increase the average revenue per user for Reliance over the next year by 17%, analysts at Morgan Stanley said. Reliance has risen more than 6% this week and is on course for its best week in five months.

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, two analysts said.

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. (Reporting by Bharath Rajeswaran and Hritam Mukherjee in Bengaluru; Editing by Eileen Soreng and Mrigank Dhaniwala)