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Defence stocks rallied sharply on Monday as escalating tensions between India and Pakistan, following a terror attack in Jammu and Kashmir's Pahalgam, led to a strong buying interest across the sector.

The Nifty Defence index jumped 4.5 percent, marking its strongest intraday gain since April 15, 2025. Seventeen of its eighteen constituents were trading in the green, with Paras Defence and Space Technologies, Garden Reach Shipbuilders & Engineers, and Data Patterns (India) leading the pack.

Shares of Paras Defence surged 11.66 percent to touch an intraday high of Rs 1,167 on the NSE. Also, the company, in a filing on Friday, said its board will meet on April 30 to consider a stock split, approve audited financial results for FY25, and recommend a dividend.

Garden Reach Shipbuilders rose 9.17 percent, while Data Patterns gained 8.17 percent.

Bharat Electronics Ltd (BEL), another major player, climbed 3.28 percent to an intraday high of Rs 307.35, becoming the second biggest gainer on the Nifty50 after index heavyweight Reliance Industries.

The sharp rally came amid reports that Defence Minister Rajnath Singh had briefed Prime Minister Narendra Modi on the security situation in Jammu and Kashmir. The briefing, lasting around 40 minutes, comes as New Delhi explores retaliatory measures following the attack that killed 26 tourists on April 22.

India, citing "cross-border linkages" to the incident, has vowed severe action against those responsible. On Sunday, Prime Minister Modi said the "perpetrators and conspirators" would face the "harshest response".

Adding to the sentiment, reports suggested that India is expected to sign a Rs 63,000-crore deal with France on Monday for the purchase of 26 Rafale Marine fighter jets, aimed at strengthening naval aviation capabilities, especially for deployment on aircraft carrier INS Vikrant.

The only laggard in the Nifty Defence index was Unimech Aerospace and Manufacturing Ltd, which slipped nearly 3 percent.

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