Shares of defense and aircraft companies rocketed with the success of Chandrayaan-3, Centum Electronics jumped up to 19%
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Chandrayaan-3 With the successful landing on the surface of the Moon, where there is an atmosphere of excitement in India. At the same time, the stock market has also joined in this celebration. Shares of companies related to aircraft, space and defense sector are seeing a boom on Thursday. Chandrayaan-3 campaign also includes the company Centum Electronics, which supplies more than 200 components. Shares of Centum Electronics jumped up to 19.69 per cent at 11.30 am on Thursday, while Paras Defense and Space Technologies Ltd. gained 17.30 per cent. Similarly, MTAR Technologies gained 10.32 percent and Hindustan Aeronautics Limited’s stock gained 2.69 percent. Shares of defense major Bharat Forge rose by 1.63 per cent, Astra Microwave Products by 2.63 per cent and Larsen & Toubro by 1.82 per cent.
Shares reached the highest level of 52 weeks
Shares of most companies reached their 52-week high in early trade on Thursday morning. There was a jump in the defense and aeronautical sector stocks on Wednesday as well. Chief Investment Strategist, Geojit Financial Services V.K. Vijayakumar said that the successful landing of Chandrayaan-3 on the moon showed a positive impact on the Indian market. Earlier on Wednesday also, the stock of Centum Electronics jumped up to 14.91 percent on the BSE, while the stock of Paras Defense and Space Technologies Ltd. registered a gain of 5.47 percent. Similarly, MTAR Technologies gained 4.84 percent and Hindustan Aeronautics Limited’s stock gained 3.57 percent.
Bharat Forge also saw a boom
On Wednesday, shares of defense major Bharat Forge rose by 2.82 per cent, Astra Microwave Products by 1.72 per cent and Larsen & Toubro by 1.42 per cent. The special thing is that the shares of these rights companies reached the highest level of the last one year during the trading. Siddharth Khemka, head (retail research), Motilal Oswal Financial Services Ltd, said shares of several defense companies supplying components used in the Chandrayaan-3 mission went up on the prospect of a successful landing. Riches Vanara, technical and derivatives analyst at Stocksbox, said that during the stock trading before the successful landing of Chandrayaan-3, there was a significant trend in the market regarding defense companies like L&T, MTAR and HAL.
The market was closed strongly on Wednesday
ICICI Bank, State Bank of India, Larsen & Toubro, Maruti, Tata Steel, Kotak Mahindra Bank, Bajaj Finance, Nestle, Power Grid and HDFC Bank were major gainers in the BSE Sensex stocks in the last trading day in the Indian market. On the other hand, losers included Jio Financial Services, Bharti Airtel, Tata Motors, Tech Mahindra, ITC, UltraTech Cement and Mahindra & Mahindra. Vinod Nair, head of research, Geojit Financial Services, said sentiment on the domestic front remained positive on good demand in the banking sector. However, shares of information technology and pharmaceutical companies capped the rally. Nair said that trading in the global markets remained in a narrow range. Investors await the Jackson Hole event in the US on Friday of the heads of the central bank. Ajit Mishra, SVP (Technical Research), Religare Broking Ltd. said that the markets were volatile and closed on a positive note in the absence of any concrete signals. The BSE Smallcap index gained 0.60 percent and the Midcap index gained 0.42 percent. In other Asian markets, Japan’s Nikkei and Hong Kong’s Hangseng were in profit, while South Korea’s Cospi and China’s Shanghai Composite remained in loss.
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