Defence stocks soar up to 5 pc as market rebounds

Mumbai, May 21 Defence stocks continued their strong upward momentum on Tuesday, with several leading companies clocking gains of up to 5 per cent during intra-day trading session.

Companies like Bharat Electronics Limited (BEL), Solar Industries, Bharat Dynamics, and Hindustan Aeronautics Limited (HAL) witnessed sharp rallies amid robust investor sentiment.

BEL led the charge, closing 5.26 per cent higher at Rs 382.26 on the National Stock Exchange (NSE) after touching a fresh all-time high of Rs 383.90 during the trading session.

The stock has surged nearly 28 per cent over the past month -- reflecting strong institutional interest.

Solar Industries, a major private-sector defence player, also rose 5.26 per cent to end at Rs 14,198.

The stock briefly touched Rs 14,306 in intra-day trade, just shy of its record high of Rs 14,339. Over the last month, it has delivered a 13.81 per cent return.

Bharat Dynamics Ltd gained 4.68 per cent to close at Rs 1,882, continuing its impressive run with a 31.85 per cent return over the past month.

Similarly, Data Patterns (India) Limited ended 4.34 per cent higher at Rs 2,754 -- marking a stellar one-month gain of over 40 per cent.

HAL added 3.13 per cent to its stock price on Wednesday, bringing its monthly gain to 16.10 per cent.

Mishra Dhatu Nigam also joined the rally, rising 2.64 per cent to Rs 407.90, with a one-month return exceeding 37 per cent.

The bullish momentum in defence stocks came alongside a broader market rebound. Following Tuesday's dip, benchmark indices made a strong comeback on Wednesday.

The Sensex surged 410.19 points or 0.51 per cent to close at 81,596.63, while the Nifty gained 129.55 points or 0.52 per cent to settle at 24,813.45.

Buying interest was visible across the board, with both midcap and smallcap stocks joining the rally.

The Nifty Midcap 100 index rose by 436.95 points or 0.78 per cent to 56,619.60, and the Nifty Smallcap 100 index gained 65.60 points or 0.38 per cent to end at 17,548.60.

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