Defence stocks fall up to 11% in early trade session amid tight election race
Defence stocks fell up to 11% on BSE as ruling NDA may get lower seats in Lok Sabha elections, impacting market sentiment.
Shares of crashed 11% on today as early counting trends showed that the ruling may get lower than expected seats in the .Shares of fell a little over 11% to day’s low of Rs 2,898.25 while and fell by 9.8% to their respective lows of Rs 1,440.35 and Rs 287.25. dipped nearly 9% while fell 10%.
Most of these defence stocks have given multibagger returns to their investors in the last one year.
Also read:
"If the current government retains majority, as exit polls suggest, it adds wings to the strong sector outlook," said in a report, adding that power and defence linked capex have the highest visibility.
Commenting on outlook in 3.0, Atul Parakh, CEO of Bigul, said that in the renewed mandate for Modi 3.0, expectations for mid-caps and small-caps hinge on key sectors poised for government focus viz. infrastructure, defence, railways, and . These sectors will throw up potential opportunities for midcap and small-cap companies.
Today, also fell sharply by up to 10% in intraday trade on the BSE, following early trends which showed the BJP-led NDA coalition having an upper edge in the race to majority mark. However, these early numbers were not in line with exit polls, causing investor concerns.
Defense stocks have been delivering consistently under the Modi government, reaching greater highs on the back of the government's push towards the ‘Make In India’ scheme which promotes manufacturing in India under the Atmanirbhar Bharat theme.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
Poll Trackers
Source: Stocks-Markets-Economic Times
