Sensex up 123 pts; RBI cuts CRR:MUMBAI: Thanks to the dramatic changes on the political and economic fronts, bulls staged a strong rally on the stock exchanges on Monday. The BSE Sensex zoomed by 123 points notwithstanding disruption of trading on the National and Bombay Stock Exchanges. In order to increase liquidity, the RBI reduced the Cash Reserve Ratio by 0.50 percentage points in two phases to 10 per cent. Meanwhile, Standard & Poor's, the international rating agency, has retained the "stable" outlook for India's long-term foreign currency rating.Petro subsidiesNEW DELHI: Petroleum Minister Vazhapadi K Ramamurthy on Monday announced his government would look into the issue of subsidies on petroleum products like kerosene and LPG even as phased dismantling of the administrative pricing mechanism would continue. The previous govt had decided to scale down subsidies on kerosene and LPG and we would look into it again, he told newsmen here.Yeltsin sacksPMMOSCOW: In an unexpected move, Russian President Boris Yeltsin on Monday issued a decree dismissing his entire Cabinet and temporarily assumed power from Premier Viktor Chernomyrdin. The President made clear in his television address that the dismissal of the government did not mean a change in Russia's chosen course of reform. Later, he named Sergei Vladimirovich Kiriyenko as acting Premier.
