Mumbai, Nov 24 (IANS): Stocks of financial services firms rose Monday on the back of expectations that the government will continue its reform agenda by opening up the insurance sector to further participation of foreign capital.

Major gainers on the first day of parliament's winter session were Reliance Capital, Bajaj Financial and Max India.

At around 12.20 p.m., the scrip of Reliance Capital gained 3.35 points or 0.67 percent at Rs.506 from its previous close of Rs.502.65.

Bajaj Financial Services rose initially by 1.29 percent at Rs.1,085 from its previous close of Rs.1,066.90. However, the scrip later lost its gains and was trading down 9.10 points or 0.85 percent at Rs.1,062.15.

Max India's shares at the Bombay Stock Exchange (BSE) increased by 0.15 points or 0.04 percent at Rs.398.30 from its previous close of Rs.398.15.

The government proposes to reform the insurance sector by increasing foreign capital participation.

The process of increasing the cap will need the nod of parliament which opened for a month-long session Monday.