Mumbai: Defence-related shares ended higher on Monday even as the overall stock market closed in the red. The rise came after tensions increased in the Middle East following a major military strike involving the US and Israel.
Defence Stocks See Strong Buying
Shares of Ideaforge Technology jumped 7.66 percent at closing. Paras Defence and Space Technologies rose 5.95 percent.
Other defence stocks also gained. Bharat Electronics climbed 2.09 percent, Astra Microwave Products advanced 1.62 percent, and Taneja Aerospace & Aviation went up 1.34 percent. Hindustan Aeronautics rose 0.96 percent, while Bharat Dynamics added 0.22 percent on the BSE.
During intra-day trading, gains were even stronger. Ideaforge Technology zoomed 15.11 percent and Paras Defence jumped 13.14 percent. Astra Microwave surged 4.97 percent, Taneja Aerospace rallied 4.40 percent, Bharat Dynamics gained 4 percent, Bharat Electronics rose 2.77 percent and Hindustan Aeronautics climbed 1.75 percent.
Sensex, Nifty End Lower
While defence stocks rose, the broader market fell sharply earlier in the day.
The 30-share BSE Sensex tanked 2,743.46 points or 3.37 percent to 78,543.73 in early trade. However, it later recovered some losses and ended at 80,238.85, down 1,048.34 points or 1.29 percent.
The 50-share NSE Nifty also fell. It tumbled 575.15 points or 2.28 percent to 24,603.50 during intra-day trade. Later, it settled at 24,865.70, down 312.95 points or 1.24 percent.
Rising Global Tensions
The market reaction followed serious developments in the Middle East. Iran’s Supreme Leader Ayatollah Ali Khamenei was killed in a coordinated US-Israeli airstrike on Tehran early Saturday. Iranian state media confirmed his death on Sunday.
In response, Iran began firing missiles at Israel and several Arab countries in the region.
The rising tensions led to strong buying interest in defence-related stocks, even as the broader market remained under pressure.
