The reverberations of the US capture of Venezuelan strongman leader Nicolás Maduro were felt in India as well.
While the official reaction from India to the unprecedented American action has been cautious, with the ministry of external affairs saying that the “recent developments in Venezuela are a matter of deep concern” and that India is “closely monitoring the evolving situation,” defence investors appeared to have turned optimistic.
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While the Sensex and Nifty had a tepid opening and continued to trade flat, the Nifty India Defence index surged by over two per cent to 7,984.40 by mid-day on Monday.
Most Indian defence stocks saw a sharp spike in the morning, with Bharat Electronics Limited (BEL) and Bharat Dynamics Limited (BDL) rising by over three per cent, reiterating the fact that the stocks of defence manufacturing companies have historically tended to outperform during such incidents.
Krishna Defence & Allied Industries Ltd was the top gainer in the defence index, rising by over seven per cent.
Hindustan Aeronautics Ltd (HAL), Astra Microwave, Data Patterns, and Azad Engineering Ltd were also among the top gainers, with some of these rising by over three per cent during the day.
Garden Reach Shipbuilders & Engineers Ltd (GRSE), Mazagon Dock Shipbuilders Ltd, and Garden Reach Shipbuilders & Engineers Ltd also gained, with GRSE seeing a spike of over two per cent.
The US military action in Venezuela was meticulously planned, with US forces rehearsing their maneuvers for months, learning everything about Venezuelan President Nicolas Maduro, where he was and what he ate, as well as details of his pets and the clothes he wore.
American forces were armed with massive blowtorches, which they would have used to cut through steel walls had Maduro locked himself in the room, President Donald Trump had said.
