Shares of six insurance firms rose 0.6% to 7.68% at 13:04 IST on BSE on hopes of passage of Insurance Laws (Amendment) Bill in the ongoing winter session of Parliament, which seeks to up FDI in the sector from 26% to 49%.
Bajaj Finserv (up 7.68%), Max India (up 6.91%), Reliance Capital (up 4.14%), Aditya Birla Nuvo (up 2.6%), ICICI Bank (up 0.82%), and State Bank of India (up 0.6%) edged higher.
Meanwhile, the S&P BSE Sensex was up 30.07 points or 0.11% at 28,474.08.
The Parliament last week allowed for an extension to a select committee to table its report on the Insurance Laws (Amendment) Bill, which seeks to up FDI in the sector from 26% to 49%. Meanwhile, yesterday, 2 December 2014, the bill got a further shot in the arm after the lead opposition party Congress, which had first initiated the proposal when it was in power, said it would support the legislation even as other parties such as Trinamool Congress (TMC) opposed it. The ruling Bharatiya Janata Party (BJP) does not have a majority in the upper Raj Sabhya house and will need support from opposition to pass the bill through.
Powered by Capital Market - Live News