8 defence stocks that rallied in Indian stock markets- The Week

Beyond Rafale maker Dassault’s rout in the European markets and China’s J-10 fighter manufacturer Chengdu Aircraft Corporation (CAC) gaining traction in the East, was India’s impressive week in stocks, as defence companies rallied, and how!

In what could be termed a proverbial victory in terms of the recent India-Pakistan tensions, further celebrations came in the form of Indian benchmark indices hitting seven-month highs on May 15.

In the five-day trading week that ended on Friday, May 16, BSE Sensex gained 0.64 per cent or over 524 points, while NSE Nifty racked in more than 425 points, moving up 1.73 per cent.

Among the defence stocks, Paras Defence and Space Technologies and Mishra Dhatu Nigam gained big—over 25 per cent—followed by Astra Microwave Products, Data Patterns (India), Bharat Dynamics, Hindustan Aeronautics (HAL), Bharat Electronics, and Droneacharya Aerial Innovations.

In the past five trading days, shares of Paras Defence and Space Technologies soared 28.04 per cent, Mishra Dhatu Nigam jumped 26.21 per cent, Astra Microwave Products gained 21.04 per cent, Data Patterns (India) zoomed 19.98 per cent, Bharat Dynamics spiked 18.21 per cent, HAL rose by 14.55 per cent, Bharat Electronics increased 13.53 per cent, and dronemaker Droneacharya Aerial Innovations gained by 11.41 per cent.

On Friday alone, Paras stock jumped 18.90 per cent. Data Patterns was up 9.25 per cent, Astra Microwave Products up by 7.10 per cent, HAL up by 5.40 per cent, Mishra Dhatu Nigam up by 4.63 per cent, Bharat Electronics up by 3.87 per cent, Droneacharya up by 2 per cent, and Bharat Dynamics up by 1.95 per cent.

Despite the overall Friday dip in Indian markets in comparison to the Thursday super rally, defence stocks have kept themselves in the green on almost all days.

Moreover, foreign institutional investors (FIIs) have turned net buyers over the course of the last trading week, pointing to easing volatility.

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