Stocks Crash: As soon as the devastation in Iran-Israel stopped, defense stocks started crashing, one after the other started breaking

News Topical, Digital Desk : Amid the news of ceasefire between Iran and Israel, there is a sharp decline in defense stocks today. US President Donald Trump has announced a ceasefire between Israel and Iran. However, both countries have not yet officially confirmed this ceasefire. After this, there is a rise in the markets of the world including India today. But, there is a sharp decline in defense stocks in the domestic stock market.

Profit booking is being seen in defense stocks from the upper levels today. Shares of Mishra Dhatu Nigam were seen trading down by 5%. It was the weakest stock in the BSE Smallcap Index.

Apart from this, pressure is also seen in other defense stocks. These include Garden Reach Shipbuilders (down 4%), Astra Microwave (down 4%), Paras Defense and BEML (down 3%), Bharat Dynamics Limited (down 2.5%), Hindustan Aeronautics and Mazagon Dock Shipbuilders (down 1.5%). Before today's decline, MIDHANI shares had risen by 15% in the last one month. Whereas, Graden Reach Shipbuilders shares had gained about 25%. Cochin Shipyard shares had risen about 20% in the last one month. They are down 2% in today's trading session. Astra Microwave shares jumped 10% on Monday. Brokerage firm Nirmal Bang said in its report that the recent rise in defense stocks has come due to the increasing emphasis on indigenization and self-reliant India initiative. The expansion of indigenisation and the prospects of defence exports have also added to the positive sentiment for defence stocks. The brokerage firm said that it remains positive on the defence sector. Strong order pipeline and the possibility of significant growth are included. HAL, Bharat Dynamics, BEML and Data Patterns are also other favourite companies of Nirmal Bang. 

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