PSU insurers rally up to 8% as cabinet clears 100% FDI. New India Assurance leads gainers

State-run insurance stocks rallied after the Union Cabinet approved 100% FDI in the insurance sector, triggering strong market optimism. New India Assurance led the gains, followed by GIC, LIC, and private insurers such as ICICI Prudential and SBI Life. The reform aims to attract foreign capital, streamline licensing, and introduce composite licences, forming a key part of the government's “Insurance for All by 2047” vision.