INDIA STOCKS-India's stock benchmarks inch higher at the open, led by Reliance

Aug 19 (Reuters) - India's equity benchmarks inched higher at the open on Tuesday, led by Reliance Industries and continued optimism around proposed cuts in the domestic goods and services tax (GST).

The Nifty 50 .NSEI was up 0.18% at 24,922.64 points and the BSE Sensex .BSESN gained 0.23% to 81,472, as of 9:22 a.m. IST.

In the previous session, both the Nifty and Sensex .BSESN jumped about 1% after the government outlined sweeping changes to the GST regime, bolstering expectations of stronger consumption.

Markets are likely to trade in a narrow range ahead of Federal Reserve Chair Jerome Powell's speech later this week, with investors focused on potential signs for a September rate cut, said two analysts.

Nine of the 16 major sectors advanced at the open, but the gains were marginal. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 rose about 0.2% each.

The third-heaviest stock in Nifty 50 - Reliance Industries RELI.NS - gained 2% after brokerages highlighted multiple growth levers for the oil-to-telecom conglomerate following the release of its fiscal 2025 annual report.

Reliance also announced that the expansion its unit Reliance Consumer Products into the healthy beverages segment by acquiring a stake in a JV with Natureedge Beverages.

($1 = 87.3440 Indian rupees)