Sensex hits fresh 15-month high on second phase of reforms

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Rising for the fifth straight day, the 30-share Sensex touched fresh 15-month high after the government unleashed a second wave of reforms on Thursday deciding to open the pension sector to foreign investment and raising FDI cap in insurance.

The BSE benchmark index, which has gained over 488 points in the past four sessions, rose by 27.96 points, or 0.15 per cent, to 19,086.11 points.

The wide-based National Stock Exchange index Nifty, edged up by 5.35 points, or 0.09 per cent, to 5,793.05.

Brokers said continued by funds and retail investors after the government yesterday decided to open the pension sector to foreign investment and raising the FDI cap in insurance to 49 per cent from 26 per cent, undeterred by opposition to its decisions on FDI in retail and threats to block these legislations.

A firm trend in Asian markets too supported buoyed the sentiment, they added.

In Asian region, Japan's Nikkei was up by 0.42 per cent, while Hong Kong's Hang Seng gained 0.32 per cent in early trade on Friday.

The US Dow Jones Industrial Average had ended 0.60 per cent higher in Thursday's trade.