Defence Stocks Surge Amid Middle East Tensions

Defence stocks climbed significantly following escalating tensions in the Middle East after a US-Israeli attack on Iran, resulting in the death of Iran's Supreme Leader. Key companies like Ideaforge Technology and Paras Defence reported significant gains, while wider markets, including BSE Sensex and NSE Nifty, faced declines.

Defence stocks saw a marked increase on Monday, bolstered by rising tensions in the Middle East after a US-Israeli strike resulted in the death of Iran's Supreme Leader, Ayatollah Ali Khamenei. Major players like Ideaforge Technology and Paras Defence experienced significant jumps in their stock values.

Ideaforge Technology's shares rose by 7.66%, while Paras Defence surged by 5.95%, following retaliatory missile attacks from Iran towards Israel and neighboring Arab countries. Other defence stocks such as Bharat Electronics and Hindustan Aeronautics also posted gains albeit more modestly.

In contrast, the broader equity market suffered hits, with the BSE Sensex dropping over 2,743 points during the day before closing down by 1,048 points. The NSE Nifty also registered a substantial fall, ending the day 312 points lower.

(With inputs from agencies.)