HAL, BDL, Data Patterns shares drop up to 5% as profit booking hits defence stocks for third straight day
HAL
, BDL, Data Patterns tumbled up to 5% on Friday as investors continued to lock in gains following a months-long rally, dragging the Nifty India Defence index down by 2.2%, its third straight day of losses and sixth in the past seven sessions.
Data Patterns led the decline with a drop of 4.6% to Rs 2,760, while Bharat Dynamics Ltd (BDL) fell as much as 3.9% to Rs 1,675.35. Shares of Hindustan Aeronautics Ltd (HAL) slipped 2.5% to Rs 4,666.50.
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Other notable laggards included
Cochin Shipyard
and
BEML
, which were also down 2.5%, while
Mazagon Dock Shipbuilders
and
Bharat Electronics Ltd
(BEL) lost 2% each. Shares of
Paras Defence
and Garden Reach Shipbuilders & Engineers (GRSE) declined by over 1%.
Defence stocks
had rallied sharply earlier this year, buoyed by expectations of strong order inflows and escalating geopolitical tensions. The Indian military's targeted strikes in Pakistan under 'Operation Sindoor' in May brought the sector into sharp focus, while ongoing hostilities between Russia and Ukraine and a flare-up in tensions between Israel and Iran added further momentum to the rally.
However, with the global security environment showing signs of stabilisation, that upward momentum has begun to fade. As concerns around valuations rise, analysts now warn that the sector may be overstretched after the recent run-up.
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With the Nifty India Defence index declining for a third straight session, the broader sentiment around defence stocks appears to be shifting from optimism to caution.
(
Disclaimer
: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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