Financial stocks gain on insurance bill hopes
Mumbai: Hopes of increase in insurance FDI today pushed the share prices higher for the companies with interest in the insurance sector, with Max India leading the charts with over 11 per cent gains.
While the government has promulgated an ordinance to hike FDI in insurance business from 26 per cent to 49 per cent, a bill in this regard is scheduled to be tabled in Rajya Sabha today.
The bill was passed by the Lok Sabha last week.
Among others, Reliance Capital and Aditya Birla Nuvo also saw hectic buying in their stocks.
Shares of Max India Ltd jumped 11.12 per cent and Reliance Capital was up by 5.82 per cent on the BSE.
Among others, Aditya Birla Nuvo Ltd gained 3.36 per cent and Bajaj Finserv was up by 2.37 per cent.
Meanwhile, in the broader market, the benchmark BSE Sensex was trading with a gain of 214.12 points at 28,873.29.