September 17, 2012 / 10:18 AM / 5 years ago

Indian shares hit 14-month closing high; retail, airlines jump

MUMBAI, Sept 17 (Reuters) - India’s main BSE index 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.

India’s benchmark BSE index provisionally rose 0.4 percent to its highest close since July 25, 2011.

The 50-share NSE index rose a provisional 0.58 percent.

Pantaloon Retail rose 19 percent, while SpiceJet rose 12 percent. (Reporting by Abhishek Vishnoi; Editing by Rafael Nam)

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