Indian stock market, March 8 -- For nearly two decades, Indian equity markets were largely driven by the rise of the information technology (IT) sector. Companies such as Tata Consultancy Services (TCS), Infosys and Wipro became symbols of India's global outsourcing success and long-term wealth creation on Dalal Street. However, after the outbreak of the Russia-Ukraine war, IT stocks have failed to meet investors' expectations and have largely been major casualties in the last four years' stock market crashes. Over the past four years, defence stocks have delivered stellar returns to shareholders.

The Indian defence major Bharat Dynamics Ltd has surged from around Rs.215 to Rs.1355 per share in the last four years, delivering a more than...