Defense stock: Although the stock market witnessed a decline from the beginning on Wednesday, the market began to recover after the initial decline and the Nifty soon touched the 2450 level. The Sensex reached 80,761.92 points at 9:30 am. It increased by 120.85 points or 0.15 percent. At the same time, the Nifty is trading at 52.80 (0.22%) points at 24,432.40. On May 7, the defense sector shares were seen in the market after the Indian Armed Forces started the operation vermilion. As soon as the market opened, the shares of Majgaon Dock Shipbuilders Limited increased by 4 percent.
On Wednesday, the defense sector shares saw a rise, which increased by up to 4 percent in shares of major companies like Majhgaon Dock Shipbuilders. The increase occurred after the Indian Armed Forces launched Operation Sindoor on 7 May, which targeted terrorist camps in Pakistan and Pakistan -occupied Jammu and Kashmir (POK).
Hindustan Aeronautics (HAL) shares rose by 1.8 per cent to Rs 4,589, Cochin Shipyard shares increased by 2 per cent to Rs 1,511 and India Dynamics shares rose by Rs 1.7 per cent on the news of Operation Sindoor. Data patterns rose by 1.3 percent to Majgaon dock shipbuilders rose by 3.7 percent to Rs 3,077.80, while Paras Defense rose 3 percent to Rs 1,393.80.
However, the stock gains somewhat slow in early trade. India VIX has increased by 4% and market volatility is increasing. The Ministry of Defense announced that India attacked nine terrorist camps in Pakistan and PoK using special accurate weapons. Bahawalpur, Muridke and Sialkot are the leading places. The operation included coordinated efforts of the Army, Navy and Air Force.
Officials said the places that were targeted were centers used to plan and direct terrorist attacks against India. The Defense Ministry said, “Some time ago, the Indian Armed Forces started ‘Operation Sindoor’, in which terrorist infrastructure in Pakistan and Pakistan-occupied Jammu and Kashmir was destroyed, from where terrorist attacks against India were being planned and directed.”
The action was taken in response to a recent terrorist attack in Pahalgam, killing 25 Indian citizens and one Nepali citizens.
