Sensex hits 14-month closing high, retail, airlines jump

The BSE Sensex rose for a ninth consecutive session to its highest close since July 2011, as retailers such as Pantaloon and airlines such as SpiceJet surged after the government opened up the sectors to foreign direct investment.

Banks also rallied after the Reserve Bank of India cut the cash reserve ratio, or the amount of deposits that lenders must keep with the central bank. ICICI Bank rose 5.2 percent.

The BSE Sensex provisionally rose 0.4 percent to its highest close since July 25, 2011.

The Nifty rose a provisional 0.58 percent.

Pantaloon Retail rose 19 percent, while SpiceJet rose 12 percent.