Shares of six insurance company rose 0.30% to 8.32% after media reported that the government may raise the overseas investment limit in insurance firms from 49% to 74% in the February budget.
The New India Assurance Company (up 8.32%), General Insurance Corporation of India (up 2.27%), SBI Life Insurance Company (up 1.61%) ICICI Prudential Life Insurance Company (up 1.01%), HDFC Life Insurance Company (up 0.89%) and ICICI Lombard General Insurance Company (up 0.30%) advanced.
Meanwhile, the S&P BSE Sensex was down 104.49 points or 0.26% to 40,382.94.
According to media reports, the Insurance Regulatory and Development Authority of India (IRDAI) has sought the views of various stakeholders on the matter in a December 2 letter at the direction of the government. The letter to insurance companies and others has called for suggestions on raising the foreign direct investment (FDI) limit, the reports said.
The government raised FDI in insurance under the automatic route to 49% from 26% in 2015. The government increased the limit on FDI in insurance intermediaries to 100% on September 2.
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