New Delhi, May 19 -- Defence stocks, including Cochin Shipyard, Mazagon Dock Shipbuilders, Garden Reach Shipbuilders, and BEL, continued their unwavering rally in Monday's trade (May 19), even as the Indian stock market remained in a tight consolidation range.

Today's rally marked the seventh consecutive gain for defence stocks, with the Nifty Defence index rising another 3% to hit a day's high of 8,555, resulting in a cumulative gain of 24%.

Investor enthusiasm for these stocks stays upbeat amid expectations that the Indian government may increase defence spending amid heightened tensions with Pakistan. In addition, the March quarter results of defence companies released so far have met analysts' expectations, supporting the ongoing ra...