Defence stocks in focus today: Defence stocks including BEML, Paras Defence, Garden Reach Shipbuilders, Cochin Shipyard and HAL came under selling pressure in Tuesday’s trade, June 24, after having remained in high-flying mode in recent sessions on the Indian stock market amid rising tensions in the Middle East. However, as signs of de-escalation between Iran and Israel appear to be emerging, investors chose to book profits in these counters.
Seventeen out of eighteen constituents in the Nifty Defence index began the session in the red, dropping up to over 5% in early trade. BEML was the top laggard, falling 6.4% to hit an intraday low of ₹ ₹4,481, while Garden Reach Shipbuilders was the second-biggest drag, slipping 5.2% to ₹3,313 apiece.
Other major defence stocks, including Astra Microwave, Paras Defence, Data Patterns, Unimech Aerospace, and , also declined over 2%. The broader fall led the Nifty Defence index to crack 2.2%, hitting a day’s low of ₹8,868, marking its second-biggest intraday drop in June so far.