Retail stocks gain 7% ahead of vote on FDI in Parliament

Retail stocks, led by Shoppers Stop, Wednesday surged up to 7 percent on optimism that the government would succeed in getting Parliament approval to its decision to allow foreign investment in the sector.

Updated: Dec 05, 2012, 19:34 PM IST

Mumbai: Retail stocks, led by Shoppers Stop, Wednesday surged up to 7 percent on optimism that the government would succeed in getting Parliament approval to its decision to allow foreign investment in the sector.

Shares of Shoppers Stop climbed 7.28 percent to settle at Rs 463.65 on the BSE.

Trent, promoted by the Tata group, gained 4.25 percent, while shares of Pantaloon Retail rose by 3.32 percent.

Among others, Provogue India soared 6.15 percent, while Koutons Retail India was up 4.97 percent.

Market experts said that retail stocks rallied on hopes of a favourable outcome in Parliament.

Lawmakers will vote later in the day on the government move to allow FDI in the multi-brand retail sector.

In the broader market, the BSE 30-stock index, Sensex, ended at 19,391.86, up 43.74 points.

PTI