Nifty Defence Outperforms As Cochin Shipyard, HAL, BEML And Others Gain
The Nifty Defence has given 24.69% return on year-to-date basis compared to 4.48% return by the benchmark Nifty 50 index.
Hindustan Aeronautics Ltd., Cochin Shipyard Ltd., BEML Ltd., and Bharat Dynamics Ltd. share prices gained on Wednesday with the NSE Nifty Defence index outperforming sectoral indices. The market-cap of defence stocks advanced Rs 9,374.87 crore to Rs 10.22 lakh crore as of 10:34 a.m.
The NSE Nifty Defence index advanced 2.10% to 7,786.45, the highest level since Aug 6. It was trading 1.69% higher at 7,754.40 as of 10:36 a.m., as compared to 0.38% advance in the NSE Nifty 50 index.
The index declined in the previous session. It settled 0.97% lower at 7,626.25 on Tuesday.
The Nifty Defence has given 24.69% return on year-to-date basis compared to 4.48% return by the benchmark Nifty 50 index.
The relative strength index was at 49.58.
Astra Microwave Products Ltd., Hindustan Aeronautics Ltd., Mishra Dhatu Nigam Ltd., Bharat Dynamics Ltd., and Solar Industries India Ltd. were top gainers in the Nifty Defence index.
HAL stock rose as much as 2.95% during the day to Rs 4,535.8 apiece on the NSE after the company posted first-quarter results on Monday.
Dynamatic Technologies Ltd., DCX Systems Ltd., Data Patterns (India) Ltd., and Paras Defence And Space Technologies Ltd. were top losers in the index.
