Mon, 17 Sep 2012 17:36:12 GMT | By IANS

Sensex closes 78 points up to touch 14-month high

Mumbai: A benchmark index of Indian equities market edged 78 points higher to close at a 14-month high Monday on the back of capital goods, banks and power stocks gaining after Reserve Bank of India cut the cash reserve ratio and the opening of the retail and aviation sectors to foreign investment during the weekend by the government.

Sensex closes 78 points up to touch 14-month high (© Reuters)

The government Friday allowed foreign airlines to invest up to 49 percent in private domestic carriers. The market sentiments were also lifted after the Reserve Bank of India (RBI) announced a cut in the cash reserve ratio (CRR) that will release Rs.17,000 crore into the economy.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,619.90 points, closed at 18,542.31 points, 78.04 points or 0.42 percent up from its previous day's close at 18,464.27 points. The Sensex touched a high of 18,715.03 and a low of 18,480.54 points in intra-day trade. The BSE midcap index was up 71.12 points while the smallcap index rose 74.54 points.

The wider 50-scrip S&P CNX Nifty of the National Stock Exchange closed 0.58 percent up at 5,610 points. On the sectoral front, the BSE realty index was up 101.45 points while the capital goods index was up 375.55 points and the banking index was up 394.50 points.

Jindal Steel was the biggest Sensex gainer closing 5.99 percent higher at Rs.394.55.

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