The stock markets surged over 2 per cent on Friday taking note of the Government's pro-reform stand. The BSE Sensex closed at a 14-month high of 18752, up 403 points or 2.2 per cent. The NSE Nifty ended the day at 5691, up 136 points or 2.5 per cent. Market-men said that the Government's resolve to stand firm on its decision to allow FDI in retail, aviation and broadcasting sectors had boosted investor sentiments. This saw the markets open in the green on Friday. The announcements regarding the reduction in the withholding tax for external commercial borrowings to five per cent from 20 per cent and the outside support from the Samajwadi Party to the Government lent further momentum to the rally.
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