Indian Stocks Advance Before Lawmakers Vote on Retail Policy
Indian (SENSEX) stocks gained for a second day amid optimism the government will succeed in pushing through its plan to allow foreign investment in the nation’s retail industry before lawmakers vote on the issue today.
The BSE India Sensitive Index, or Sensex, added 0.3 percent to 19,408.40, according to preliminary closing prices at 3:30 p.m. in Mumbai, holding at a 19-month high. Sterlite Industries (India) Ltd. (STLT), the top copper producer, rallied 5.8 percent as the metal jumped to its highest level in more than six weeks in London. Tata Steel Ltd. (TATA), India’s biggest producer of the metal, climbed 2.3 percent.
Lawmakers will vote today on whether to back a government decision to allow overseas retail chains to enter India, with Prime Minister Manmohan Singh seeking a victory that may enable him to silence criticism of the biggest embrace of overseas investment in a decade. Offshore investors were net buyers of local stocks for a 13th day on Dec. 3, taking net purchases in 2012 to $20.2 billion, the most among 10 Asian markets tracked by Bloomberg, excluding China, data compiled by Bloomberg show.
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