At close, the Sensex was down 166.26 points or 0.21 percent at 80,543.99, and the Nifty was down 75.35 points or 0.31 percent at 24,574.20. About 1293 shares advanced, 2584 shares declined, and 153 shares unchanged.
Astra Microwave said it would also consider a proposal to convene an Extra-Ordinary General Meeting to seek shareholder approval for the fund raising.
Geojit Financial Services upgraded Astra Microwave Products to a "Buy" rating with a target price of Rs 976, citing robust growth prospects and a healthy order pipeline.
At the close, the Sensex was down 19.89 points or 0.03 percent at 75,390.50, and the Nifty was down 24.60 points or 0.11 percent at 22,932.50. About 1559 shares advanced, 1905 shares declined, and 119 shares unchanged.
One part feels defence stocks are in overvalued territory. The optimists though argue that the sector is yet to realise its full potential.