Defence stocks rally as Nifty Defence hits record high after ₹1.10 lakh crore procurement approval
The Nifty Defence index hit a record high of 10,012.95, up 3% per cent from the previous close of 9,754.55
Markets began the trading week on a downward trajectory on Tuesday, September 8, 2026, as investors faced elevated crude oil prices and heightened US-Iran tensions. The Sensex and Nifty 50 both opened lower, with the Nifty 50 settling 0.41 percent lower. The ongoing decline has persisted for five consecutive weeks. A senior investment strategist explained that factors such as rising crude prices, selling in IT stocks, concerns over a potential Fed rate hike, and the growing IPO market siphoning capital have contributed to the market's sluggish decline.
Brent crude hovered near a six-week high of $97 a barrel, while WTI crude closed above $92, raising concerns over inflation and growth prospects for oil-importing nations like India. The Indian Basket of crude imports surged to $101 a barrel, reflecting the impact of these developments.
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