Retail stocks up 7% on FDI optimism
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Retail stocks on Wednesday surged by 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. The Lok Sabha later voted in favour of the government's FDI plan.
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 voted in favour of the government plan to allow FDI in the multi-brand retail sector. This is good news for the market. We expect the government to come out with more reforms in the coming days," said BSE dealer Pawan Dharnidharka.
"Expectations were building up that the way government has handled the FDI issue, it will be able to push through more Bills in Parliament once it secures the vote on retail," said Rikesh Parikh, vice-president-Equities, Motilal Oswal Securities.
The BSE benchmark Sensex gained about 44 points to close at a new 19-month high.
Led by Reliance Industries, the benchmark Sensex at the BSE closed the day at 19,391.86, higher by 43.74 points, or 0.23 per cent — the highest closing since 19,448.69 on April 27, 2011.
The broad-based Nifty at the National Stock Exchange regained the 5,900 level by rising 11,25 points, or 0.19 per cent to 5,900.50.
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