Indian defence stocks surged up to nine per cent in today’s trade session after Prime Minister Narendra Modi’s push for ‘Made in India’ defence  equipments. Mr Modi, in his first address to the Nation yesterday post Operation Sindoor, emphasized that time has come for Made in India military gear. He highlighted the proven performance of indigenously developed weapons.
The share price of Bharat Dynamics surged the highest among the defence stocks, jumping 9.4 per cent to 1,718 rupees on the National Stock Exchange. Hindustan Aeronautics share price gained 4.6 per cent to trade at an intra-day high of 4,645 rupees. Other defence stocks like Kaynes Technology, Cochin Shipyard, Mazagon Dock Shipbuilders, Avantel, Paras Defence & Space Technology, Astra Micro, Data Patterns, and many others followed suit.
However, in comparison to the stellar run by Indian defence shares over the past few sessions, Chinese defence stocks plunged over 9 per cent today. Key Chinese defence stocks like AVIC Chengdu Aircraft, makers of China’s J-10C fighter jet were among the biggest losers and ended today’s session on Hang Seng with sharp 9 per cent losses. Shares of several other counters like China State Shipbuilding Corporation fell over 4 per cent. Chian Ship Building is a key manufacturer of civilian as well as military vessels. Zhuzhou Hongda also slumped 6 per cent. Pakistan is a key market for Chinese defence equipment.