Millennium Post

Indian equities on a 14-month high

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

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

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.

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