Defence stocks rallied up to 4% on Tuesday after Prime Minister Narendra Modi called for greater military self-reliance, following India’s launch of Operation Sindoor in response to the April 22 Pahalgam terror attack.The shares of Cochin Shipyard rose the highest by 3.7% to their day’s high of Rs 1,577.30 on the BSE, followed by Mazagon Dock Shipbuilders shares, which surged by 2.6% to Rs 2,979.90.Meanwhile, the shares of Hindustan Aeronautics Ltd (HAL), Garden Reach Shipbuilders & Engineers (GRSE) and BEL rallied between 2-2.5%.In his first address to the nation since the operation, PM Modi said India has demonstrated its strength in modern warfare and must now lead in defence innovation through indigenous technology.“We have proven our dominance in new-age warfare,” Modi said. “We have always defeated Pakistan on the battlefield, and today we have demonstrated our superiority in modern warfare. The time has come for ‘Made in India’ defence equipment. We have adopted a zero-tolerance policy towards terrorism.”Operation Sindoor not only avenged the Pakistan-sponsored terror attack but also served as a rare opportunity for India to showcase its military strength. The four-day 'near-war' featured a diverse mix of Russian, French, Israeli and indigenous hardware. However, what stood out was the successful deployment of India-made weapons and defence systems in a real combat scenario against a peer adversary.This has elevated the global credibility of India's defence industry. With indigenous systems now battle-tested, India may see greater interest from international buyers — potentially turning Operation Sindoor into a powerful promotion for 'Make in India' weaponry.India's push for defence self-reliance has gathered momentum under the Atmanirbhar Bharat initiative. Domestic production touched Rs 1.27 lakh crore in FY24, marking a 174% jump from 2014–15, driven largely by policy reforms and strategic initiatives like iDEX, SAMARTHYA, and the SRIJAN programme.Defence exports also surged to a record Rs 23,622 crore (approx. US$2.76 billion) in FY25, a 12% increase over FY24 and a nearly 30-fold rise over the past decade. India now exports military equipment to over 100 countries, with a long-term goal of reaching Rs 50,000 crore in annual exports by 2029.More than 14,000 items have been indigenised, and 3,000 components are now part of the Positive Indigenisation Lists, aimed at reducing dependency on imports.On Dalal Street, domestic defence firms such as ideaForge, Zen Technologies, Bharat Dynamics, Bharat Electronics, and Mazagon Dock Shipbuilders are expected to be in focus amid rising investor optimism.The Prime Minister’s address comes amid reports that Pakistan used Chinese fighter jets and Turkish drones during the recent escalation. India’s renewed emphasis on self-reliant defence manufacturing appears both strategic and timely, as the country seeks to insulate itself from supply chain vulnerabilities and geopolitical shifts.With rising global interest and tested capabilities, Indian defence production may now be entering a new phase — one where domestic factories and innovation hubs not only serve the armed forces but power India’s global strategic ambitions.Also Read: Stocks in news: Airtel, Tata Motors, Vedanta, Paytm, Aether Industries(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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