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Retail stocks settle with as much as 6.7% gain

Dec 06 2012, 22:02 IST
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SummaryThe government had secured victory in the vote on FDI issue in Lok Sabha yesterday.

Retail stocks today settled with as much as 6.7 per cent gain after BSP announced its decision to vote in favour of government on the issue of FDI in retail in Rajya Saba tomorrow.

The government had secured victory in the vote on FDI issue in Lok Sabha yesterday.

Shares of Provogue India closed 6.67 per cent higher at Rs 18.40, while Koutons Retail India was up 4.94 per cent to Rs 9.98 on the BSE. Shoppers Stop also ended 0.95 per cent higher, Pantaloon Retail rose by 0.55 per cent. Shares of Trent however, fell by 0.08 per cent.

In the morning trade, these stocks had gained up to over 10 per cent.

Brokers said buying activity in the broader market picked up momentum after BSP decided to support FDI in retail in the Rajya Sabha.

"We have decided to vote in favour of government on FDI in multi-brand retail issue tomorrow," BSP chief Mayawati, whose party has 15 members in the Rajya Sabha, said participating in the debate.

In the stock market, the BSE benchmark Sensex ended at 19,486.80, up 94.94 points.

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