Stocks rally to one-year high

Indian equities climbed to the highest level in a year, on sustained inflows from foreign investors amid optimism the government will be able to pass a national sales tax Bill in Parliament. Gati and VRL Logistics paced gains among companies that are likely to benefit from the proposed goods and services tax.

Asian Paints jumped to a record after its first quarter profit gained 19 per cent and the company raised the demand outlook. Maruti Suzuki India and Housing Development Finance Corporation both rose to all-time highs. The Sensex surged 0.7 per cent to close at 28,208.6 points on the BSE, reclaiming the highest level since August 2015.