mumbai shares of companies that run insurance business saw mixed trend at the bse after finance minister arun jaitley on thursday proposed raising the foreign direct investment fdi cap from 26 per cent to 49 per cent max india was down 193 per cent and reliance capital shares were trading 132 per cent lower on the bse shares of religare enterprises was down 196 per cent while hdfc was quoting almost flat on the other hand shares of aditya birla nuvo was up 203 per cent and bajaj finserv gained 128 per cent in a big relief to the capitalstarved private insurance sector jaitley today proposed raising the fdi cap the insurance sector is investment starved several segment of insurance sector need an expansion the composite cap of the insurance sector is proposed to be increased to 49 per cent from the currently level of 26 per cent with full management and control through the fipb route he said while presenting the budget for 201415 the move would help insurance firms to get much needed capital from overseas partners in the broader market the benchmark sensex was trading at 2529204 down 15277 points at 1215 hrs