New Delhi: The stock market continues to decline for the third consecutive day. The Indian stock market witnessed a decline on Wednesday. The BSE Sensex closed at 80,182.20 with a decline of 503 points or 0.62%. At the same time, the NSE Nifty fell 137.16 points or 0.56% to reach 24,198.85.

In such a situation, shares of Bharat Electronics Limited (BEL) are facing heavy selling today amid weak market sentiment. Due to the disappointing trend in the market, BEL shares fell by about 3 percent intra-day. Although buying was seen at some levels, these shares are still in a weak position. In today's trading session, BEL shares closed down 1.85 percent at ₹ 304.70. In intra-day it had fallen to ₹ 301.60.
 

Brokerage Opinion

Recently, the Cabinet Committee of Securities (CCS) of the Government of India approved two big orders worth Rs 21,100 crore, which are also likely to benefit Bharat Electronics. According to ICICI Securities, along with Hindustan Aeronautics Limited (HAL) and L&T, BEL will also benefit from these orders, because HAL's Nasik plant has the capability to supply radar technology to BEL.

According to brokerage firm Indmoney, 84% of the 24 analysts have recommended buying BEL. They believe that the highest target for BEL can be ₹380 and the lowest ₹213.

Performance of BEL shares

Bharat Electronics shares have registered spectacular growth in the last one year. The stock hit its lowest level in December 2023 when it was at ₹ 163.95. After this, it rose nearly 108 per cent in seven months to reach ₹ 340.35 in July 2024, which was its historical highest level. However, now it is trading about 11 per cent below the record high.