New Delhi, Aug. 22 -- Defence stock Apollo Micro Systems surged as much as 15 per cent in intraday trade on the NSE on Friday, August 22, to hit its 52-week high of Rs.236.40. Apollo Micro Systems share price opened at Rs.206 against its previous close of Rs.205.23 and skyrocketed 15 per cent to a 52-week high of Rs.236.40, defying weak market sentiment. Around 10:30 AM, the defence stock traded 13 per cent higher at Rs. 231.85. Equity benchmark Nifty was 0.60 per cent down at 24,931 at that time.

Defence stocks are witnessing strong traction, driven largely by favourable sentiment for the sector, fuelled by increased government spending and strategic deals amid an indigenisation push.

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