Mystery on the tracks! The curious case of rail stocks riding the defence wave without a ticket

Railway stocks have surged mysteriously alongside defence counters post Operation Sindoor, despite no new capex push or policy trigger. Experts suggest this may be sentiment-driven, with momentum chasing outweighing fundamentals. While some draw a strategic defence-railways link, others caution against frothy valuations and retail exuberance. The rally echoes past manias, prompting many institutional investors to stay cautious.