Defence Stocks Rise Amid Middle East Tensions

New Delhi, Mar 2 (PTI) Defence stocks such as Ideaforge Technology and Paras Defence closed higher on Monday amid escalating tensions in the Middle East in the wake of an attack on Iran by the US and Israel.

Shares of Ideaforge Technology jumped 7.66 per cent, Paras Defence and Space Technologies surged 5.95 per cent, Bharat Electronics climbed 2.09 per cent, Astra Microwave Products advanced 1.62 per cent, Taneja Aerospace & Aviation shot up by 1.34 per cent, Hindustan Aeronautics went up by 0.96 per cent and Bharat Dynamics (0.22 per cent) on the BSE.

During intra-day trade, Ideaforge Tech zoomed 15.11 per cent, Paras Defence jumped 13.14 per cent, Astra Microwave surged 4.97 per cent, Taneja Aerospace rallied 4.40 per cent, Bharat Dynamics went up by 4 per cent, Bharat Electronics climbed 2.77 per cent and Hindustan Aeronautics (1.75 per cent).


In the equity market, the 30-share BSE Sensex tanked 2,743.46 points or 3.37 per cent to 78,543.73 in early trade. It later ended at 80,238.85, down 1,048.34 points or 1.29 per cent.

The 50-share NSE Nifty tumbled 575.15 points or 2.28 per cent to 24,603.50 in intra-day trade. The benchmark later settled 312.95 points or 1.24 per cent down at 24,865.70.

Iran's Supreme Leader Ayatollah Ali Khamenei was killed in a coordinated US-Israeli airstrike on Tehran early Saturday, with the Iranian state media confirming the death on Sunday.

Iran began firing missiles at Israel and the Arab countries in the region in retaliation for the killing of its supreme leader.