FDI in retail debate: Stocks gain 7% ahead of vote on FDI in Parliament
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Retail stocks, led by Shoppers Stop, today surged up to 7 per cent 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 per cent to settle at Rs 463.65 on the BSE.
Trent, promoted by the Tata group, gained 4.25 per cent, while shares of Pantaloon Retail rose by 3.32 per cent.
Among others, Provogue India soared 6.15 per cent, while Koutons Retail India was up 4.97 per cent.
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.