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

Retail stocks, led by Shoppers Stop, today surged up to 7% 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% to settle at Rs 463.65 on the BSE.

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

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

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.