Financial stocks gain on insurance bill hopes

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% gains.

While the government has promulgated an ordinance to hike FDI in insurance business from 26% to 49%, a bill in this regard is scheduled to be tabled in Rajya Sabha on Thursday.

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% and Reliance Capital was up by 5.82%cent on the BSE.

Among others, Aditya Birla Nuvo Ltd gained 3.36% and Bajaj Finserv was up by 2.37%.

Meanwhile, in the broader market, the benchmark BSE Sensex was trading with a gain of 214.12 points at 28,873.29.