Bloomberg News

Indian Stocks Reverse Gain Before Vote on Foreign Retail Plan

December 07, 2012

Indian stocks declined, reversing an earlier advance, before a vote on the government’s plan to allow foreign investment in the nation’s retail industry.

The BSE India Sensitive Index (SENSEX), or Sensex, slid 0.3 percent to 19,431.39 at 1:35 p.m. in Mumbai after rising as much as 0.4 percent earlier. Volumes in the gauge exceeded the 30-day average by 33 percent at this time of the day, data compiled by Bloomberg show. Sterlite Industries (India) Ltd. (STLT), the top copper producer, dropped 1.5 percent, the most on the Sensex. Maruti Suzuki India Ltd. (MSIL) headed for a 25-month high and paced gains among peers after a report that India’s largest carmaker will raise prices.

The upper house of the parliament was adjourned until 2:30 p.m. local time when lawmakers are to vote on the retail plan. Stocks had reversed losses yesterday after Mayawati, the chief of the Bahujan Samaj Party, said her party will vote in favor of the proposal today. Lawmakers voted to back the proposal in the lower house Dec. 5.

To contact the reporters on this story: Shikhar Balwani in Mumbai at sbalwani@bloomberg.net; Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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