Shares of SBI Life and HDFC Life gained nearly 4% on 10 July after it was reported that their new business premiums or NBP contracted by lesser margin in June as compared to April and may. The fall of 10.46% in NBP in June was much better than the sharp fall in NBP of 32.6% and 25.4% respectively witnessed in the months of April and May this year.

While the stock of HDFC Life and SBI Life rallied sharply, ICICI Pru Life came under pressure as it not perform up to the mark on the NBP front compared to the other insurers. It must also be kept in mind that both HDFC Life and SBI Life are expected to be included in the Nifty Index in the next revamp, which may direct some ETF and Index Fund flows to these stocks.