Market experts attributed the weakness to a combination of valuation concerns, liquidity pressures and profit booking.
NSE India Defence index was quoting higher for the third straight trading day, surging 3.7% during the period, as against 0.14% decline in the Nifty 50.
At 2 PM, Dynamatic Technologies share price was trading 6.32 per cent higher at ₹8,567.90 per share. By comparison, BSE Sensex was trading 0.36 per cent lower at 83,674.53 levels.
Thus far in the month of July, Nifty India Defence index has underperformed the market by falling 12 per cent, as against 3.3 per cent decline in Nifty 50.
Defence stocks in India were rising today amid report that the Indian Army is set to receive a significant boost with the Defence Ministry expected to clear a ₹30,000-crore proposal for acquisition