Sensex extends gains with Rajnath Singh talking up atmanirbharta
Image credit X @rajnathsingh
Stock Market warms up with Rajnath Singh talking up defence self-reliance
By S Jha
New Delhi, June 14: Sensex on Friday extended gains to post a decent rise in the index this week. Nifty also extended gains while ending the week almost on a flat note.
Bank Nifty too made a modest gain on Friday. Bank Nifty ended this week with modest loss. Overall, the equity market remained in a consolidation phase this week.
The indices weathered the uncertainty of the US Federal Reserve monthly meeting this week. The cues from the US were mixed.
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The street finally absorbed the Lok Sabha verdict. From tanking on the day of the verdict, the indices also erased almost most of the losses.
The buzzing theme this week had been the progress of the Monsoon. The Indian Meteorological Department (IMD) asserted that the Monsoon this year would be above normal.
The cues from the IMD woke up shares of the chemical and fertilizer companies. They gained through this week amid anticipation of improved demands for fertilizers in agriculture.
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The likes of IOL Chemical, KRBL, Kaveri Seeds, and others posted gains this week. The shares of the chemical and fertilizer companies have been seen as laggards on the street for several months.
But the star of the week was the shares of the defence sector companies. Union Minister for Defence Rajnath Singh on the day of assuming the charge of the office asserted the commitment of the government for the self-reliance (atmanirbharta).
Tracking his comments, the shares of the defence sector companies went on furious run on the street. The shipyard companies were the most sought after by the market participants.
Garden Reach Shipyard, Mazagon Dockyard Shipyard, and Cochin Shipyard made strong gains this week. Shares of the Kolkata-based Garden Reach Shipyard gained almost 20 per cent this week.
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Shares of Mazagon Dockyard Shipyard posted gains of 22 per cent this week. Cochin Shipyard shares were also in strong demand.
Defence sector shares of the companies such as Zen technology, Paras Defence, and Data Patterns made strong gains this week. Shares of Paras Defence gained 27 per cent this week.
Shares of Hindustan Aeronautics and Zen Technology also extended their gains. The small sector defence play Avantel also made strong gains this week.
Shares of Avantel gained by over 30 per cent this week. The diversified tech firm with stakes in defence, communication, and railways gained more than 16 per cent on Friday.
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