On the broader market outlook, Ajit Mishra, SVP-Research of Religare Broking says the Nifty remains in consolidation mode, with key support at 23,600. On the upside, bullish pivot stands at 24,600.
According to Chandan Taparia of MOFSL, option data suggests a broader trading range between 23,800 and 24,600, while the immediate range is between 24,000 and 24,400
Vinay Rajani of HDFC Securities has said that Nifty faces immediate resistance at 24,530, while 24,000 remains a key support. For trading, he has recommended buying L&T Finance and HAL stocks today.
Kotak Institutional Equities said that defence companies are well-positioned to benefit from rising geopolitical tensions, accelerating modernisation programmes and an expanding export opportunity.
Defence stocks in focus: The Defence Acquisition Council (DAC) approved capital acquisition proposals worth about ₹52,000 crore to strengthen the combat capabilities of the armed forces.
HAL delivers its 1,000th overhauled AL-31FP engine for the IAF, highlighting India's growing aero-engine MRO capability amid delays in GE F414 engine negotiations
Record defence production and exports, coupled with strong order books and improving execution, are expected to support healthy growth for defence companies in FY27
Motilal Oswal has reiterated a 'Buy' rating on BEL stock with an unchanged target price of ₹510, based on the 45x two-year forward earnings.
Stocks ideas by Ajit Mishra: The analyst from Religare Broking is bullish on Hindustan Aeronautics, Bharat Forge and Union Bank of India.
At 12:24 PM on Wednesday, the Nifty India Defence index was the top gainer among thematic indices up 2.8 per cent as against a 0.3 per cent rise in the Nifty 50.
HAL has filed a forgery and cheating case against a supplier, alleging fake test reports for components meant for the Tejas Mk1A fighter aircraft programme
Jefferies' top picks include Siemens Energy (SE), Hitachi Energy (Hitachi), Hindustan Aeronautics (HAL), Bharat Electronics (BEL), KEI Industries, and Larsen & Toubro (L&T)
The geopolitical backdrop, analysts believe, continues to provide a structural tailwind, as the conflict in the Middle East has reinforced defence budget urgency across GCCs
At 11:29 AM on Friday, the BSE India Defence index was the top gainer among thematic indices up 1 per cent as compared to 0.11 per cent rise in the BSE Sensex.
Hindustan Aeronautics reported a consolidated net profit of ₹4,196 crore, up 5.5 per cent from ₹3,977 crore in the corresponding quarter of the previous fiscal
The company's net profit rose to ₹4,196 crore ($438.32 million) for the quarter ended March 31, from ₹3,977 crore a year earlier
In the March quarter (Q4FY26), HAL reported a 5.5 per cent increase in net profit to ₹4,196.04 crore, as compared to ₹3,976.63 crore a year ago
Q4FY26 company results: Firms including Apollo Tyres, Muthoot Finance, Indian Railway Finance Corporation, and Tata Motors Passenger Vehicles are also to release their January-March earnings today
The Nifty India Defence index hit an intra-day high of 9,093.20, up 1.3 per cent on the NSE in intra-day deals, and was inching towards its 52-week high of 9,159.55 touched on June 24, 2025.
JM Financial Institutional Securities maintains 'Buy' rating on HAL with a target price of ₹4,875.