The Sensex closed at 77,301 with a gain of 308 points, while the Nifty closed at 23,557 with a gain of 92 points.
During the day, shares of Paras Defense closed in the upper circuit of 20 per cent after two big deals.
Shares of Hindustan Aeronautics Limited (HAL) rose over 6 per cent (329 points), while Garden Reach and Bharat Electricals (BEL) also saw a rise.
HAL has received an order for the purchase of 156 Light Combat Helicopters (LCH) from the Defense Ministry. The tender is expected to be worth Rs 45,000-50,000 crore, with helicopters to be purchased by the Indian Air Force and Indian Army.
Defense Minister Rajnath Singh has set an ambitious target of exporting defense equipment worth over Rs 50,000 crore by 2028-2029.
Market analysts said the current surge in industry optimism stems from Defense Minister Rajnath Singh's plans to boost defense exports in the future.
After a strong start, Nifty remained range bound as the index traded on a subdued note for another day on the daily chart.
According to market experts, Nifty has been moving sideways on intraday basis for the last few days, but eventually, it has moved above 23,500.
The Banknifty index finally broke the resistance mark of 50,200 and managed to close above it on Tuesday.
“The bullish momentum is likely to continue, which could potentially push the index to 51,000 points. “The undertone remains extremely bullish and buying is recommended with strong support at 49,700,” said Kunal Shah of LKP Securities.
During the day, shares of Paras Defense closed in the upper circuit of 20 per cent after two big deals.
Shares of Hindustan Aeronautics Limited (HAL) rose over 6 per cent (329 points), while Garden Reach and Bharat Electricals (BEL) also saw a rise.
HAL has received an order for the purchase of 156 Light Combat Helicopters (LCH) from the Defense Ministry. The tender is expected to be worth Rs 45,000-50,000 crore, with helicopters to be purchased by the Indian Air Force and Indian Army.
Defense Minister Rajnath Singh has set an ambitious target of exporting defense equipment worth over Rs 50,000 crore by 2028-2029.
Market analysts said the current surge in industry optimism stems from Defense Minister Rajnath Singh's plans to boost defense exports in the future.
After a strong start, Nifty remained range bound as the index traded on a subdued note for another day on the daily chart.
According to market experts, Nifty has been moving sideways on intraday basis for the last few days, but eventually, it has moved above 23,500.
The Banknifty index finally broke the resistance mark of 50,200 and managed to close above it on Tuesday.
“The bullish momentum is likely to continue, which could potentially push the index to 51,000 points. “The undertone remains extremely bullish and buying is recommended with strong support at 49,700,” said Kunal Shah of LKP Securities.
