InvestorQ : Why did the defence stocks do well and what heavyweights drove the Sensex on 03 July?
prachi Patwardhan made post

Why did the defence stocks do well and what heavyweights drove the Sensex on 03 July?

Answer
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3 months ago


Defence stocks did well on Friday after the Ministry of Defence chose to farm out orders worth Rs.38,900 crore towards defence equipment. These are largely likely to be farmed out to Indian companies and that led to companies like Bharat Dynamics, BEL, BEML and L&T getting some price support. Of course, these are not exactly index heavyweights.

The 178 point rally in the Sensex was driven by sectors like IT, auto and FMCG. Markets also got support from the fact that the VIX had slipped to more amenable levels of 25.5 after having scaled highs of 85 in March this year. For the week, the Nifty and the Sensex gained over 2.2%. Bharti Airtel and Bajaj Auto were the top gainers while RIL offered support.