Defence stocks slide for fifth straight session

The Nifty India Defence index slipped 0.16% to 9,129.40 on Wednesday, extending its losing streak to a fifth consecutive session.

The index has now fallen 8.69% over these five sessions.

Apollo Micro Systems led the fall, dropping 5.37%. MTAR Technologies slid 3.12%. Axiscades Engineering Technologies fell 2.14%. Garden Reach Shipbuilders & Engineers and Solar Industries also declined, down 1.47% and 1.43% respectively.

Not all stocks were in the red. Astra Microwave Products rose 2.45%, while Bharat Electronics gained 1.42%. Cochin Shipyard edged up 0.06%, Bharat Forge added 0.21%, BEML rose 0.04%, and Aequs India was marginally higher at 0.16%, bucking the otherwise weak session.

The 30-day picture shows the depth of the correction across the sector. Bharat Dynamics has fallen 19.12% over the past month, the steepest decline among index constituents. Mazagon Dock Shipbuilders is down 13.79%, and Zen Technologies has dropped 11.8%. Cochin Shipyard and GRSE have each fallen over 11% in the same period.

Despite the recent weakness, the Nifty India Defence index remains up 12% over the past year. MTAR Technologies has been the standout performer on a one-year basis, gaining 289.41%. Paras Defence and Space Technologies is up 79.37%, and Dynamatic Technologies has risen 72.06%. However, several stocks remain in negative territory over the year, including Bharat Dynamics, down 29.55%, and Cochin Shipyard, down 27.29%.