Budget 2026: Why HAL, BEL and other defence stocks are falling even after 18% capex hike

Defence stocks fell on Budget day despite a sizeable increase in capital outlay, as the hike came in below market expectations and broader sentiment weakened. HAL, BEL, BDL, Mazagon Dock and Paras Defence saw sharp declines, with higher STT and a risk-off shift adding to the post-Budget pressure on the sector.