The NSE Nifty India Defence rallied for four sessions in a row and hit a two-month high. Garden Reach Shipbuilders and Engineers Ltd., Ideaforge Technology Ltd., and Zen Technologies Ltd. emerged as the top gainers.
Market-cap of defence stocks rose Rs 9,374.87 crore to Rs 10.22 lakh crore as of 1:48 p.m.
The NSE Nifty Defence index rose 2.61% to 8,366.95, the highest level since July 18. The index is the top gaining among 15 sectoral indices on National Stock Exchange.
The index is on a recovery rally after two months of steady decline. In the period between July and August, the Nifty Defence Index slumped 16.46%.
Weakness in first-quarter results in most defence and manufacturing companies weighed on the stock prices then. The consolidation started from the first-quarter earnings release in July.
However, in September so far, the index rose nearly 10%. Mtar Technologies Ltd., Data Patterns India Ltd., and Cochin Shipyard Ltd. stock prices were the top contributors to the Nifty India Defence's recovery rally.
The Nifty India Defence was trading 1.87% higher as of 1:49 p.m.
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As of 1:49 p.m., Garden Reach Shipbuilders and Engineers, Data Patterns (India) Ltd., and Ideaforge Technologies share prices were leading gains.
Garden Reach Shipbuilders and Engineers share price snapped a two-day slump. The stock price jumped 7.57% to Rs 2,625 apiece, the highest level since Aug 22.
Garden Reach Shipbuilders and Engineers gained the most in the Nifty Defence index in terms of intraday gains also.
Ideaforge Technology share price increased 6.86% to Rs 546.95 apiece, the highest level since July 22. It's the second leader in terms of intraday gain.
Zen Technologies share price hit a 5% upper circuit. As of 1:49 p.m., the stock price remained locked in the upper circuit.
Mtar Technologies share price was the worst performer in the Nifty Defence Index. The stock price fell 1.26% to the day's low of Rs 1,706.70 apiece.
Paras Defence and Space Technologies share price and Mishra Dhatu Nigam Ltd. were other top losers in the index.
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