Markets respond to reforms; Sensex above 19K mark

October 05, 2012 09:39

The 30-share BSE Sensex opened higher and stayed above the 19,000 mark on Friday and the 50-share Nifty opened above 5800.

While, the BSE opened at 19110, 50 points higher, the Nifty opened at 5815, 27 points higher.

On Thursday, ahead of the Cabinet meeting on foreign direct investment (FDI) in insurance and pension, the market closed at its highest level in 17 months.

While the BSE Sensex managed to end the day above the 19000 mark, the Nifty closed at 5787.

The government's reforms juggernaut rolled on in style. The Cabinet approved insurance and PFRDA bills.

It proposed foreign equity cap in both sectors be hiked to 49 per cent.

It also approved amendments to the Companies Bill 2011. Parliament will take up bills in winter session. Infrastructure too got its due.

The Cabinet approved draft 12th Five Year Plan document which envisages the removal of bottlenecks for the sector.

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