Stock Market today: LIC, HDFC Life to SBI Life: The Insurance stocks gained up to 10% in the morning trades on Thursday after GST council meeting outcome announced on Wednesday

Insurance stock gains post GST council meeting outcome

Life Insurance Corporation of India gained to intraday highs of ₹914.9, marking gains of more than 5% SBI Life Insurance Company Ltd and HDFC Life Insurance Company Ltd also rising to intraday highs of ₹1899 and ₹814.9 also saw similar intraday gains. Among other Niva Bupa Health Insurance Company Ltd which skyrocketed to intraday highs of ₹91.39 saw intraday gains of more than 10%.

The gains are being led by the GST council meeting outcome

The GST Council exempted individual life and health insurance from the GST. The GST on reinsurance costs has also been exempted. This means that life and health insurance policies will no longer be subject to Goods and Service Tax