Defence shares rally 2nd day; Cochin Shipyard, BEML up 5

The company's robust performance helped bolster the overall index. Garden Reach Shipbuilders and Engineers (GRSE) and BEML also posted strong gains, each rising by about 4 percent.

- TBG NETWORK

On June 3, defence stocks in India surged notably, leading the Nifty India Defence index to climb into positive territory for the second day in a row. This upward momentum in the defence sector occurred despite a broader market downturn, largely driven by escalating geopolitical tensions around the world, particularly the ongoing conflict between Russia and Ukraine.

The Nifty India Defence index rose by approximately 1.6 percent, reaching around 8,833 points in the morning session. This rise was in stark contrast to the performance of the benchmark indices, with both the Sensex and Nifty falling nearly 0.4 percent and remaining in the red. The defensive nature of defence stocks is often seen during times of global unrest, as investors seek stability and potential growth from sectors linked to national security and military capabilities.