Capital Goods Stocks Outlook
Budget announcements to decide direction next wk
This story was originally published at 22:19 IST on 30 January 2026
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MUMBAI – The announcements in the Union Budget on Sunday will decide market direction for stocks of capital goods companies next week. Analysts expect the government to budget limited rise in capital expenditure for 2026-27 (Apr-Mar), which is likely to cap the gains for capital goods stocks next week.
"With geopolitical risks and global tariff pressures rising, the Union Budget is keenly awaited for cues on growth support and fiscal discipline," said Vinod Nair, head of research, Geojit Investments Ltd. Ahead of the Budget, capital goods stocks saw buying with the BSE Capital Goods index up 8% this week, recouping all of the losses made in the previous three weeks.
"The lack of fiscal headroom will limit capex spends. Our base case is a 7% YoY growth, and the best case is ~10% YoY growth if the government either relaxes the fisc target or steps up non-tax revenue like asset monetisation and privatisation," Emkay Global Financial Services said in a pre-Budget note.
Among major earnings next week, Solar Industries will report its quarterly results on Tuesday and Cummins India will report Oct-Dec results on Wednesday.
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* Maharashtra Seamless Oct-Dec consol sales fall almost 23% YoY, PAT rises 31%
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* Earnings Outlook: Voltas Q3 PAT seen down YoY on weak demand, low margin
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Following are the resistance and support levels for key capital goods stocks for next week as per calculations based on their prices on the National Stock Exchange:
| Company | Price | Week-on-week change in % | Resistance | Support |
| Bharat Heavy Electricals | 262.70 | 8.30 | 267.90 | 254.30 |
| CG Power and Industrial Solutions | 584.05 | 6.40 | 598.30 | 569.00 |
| Larsen & Toubro | 3932.30 | 5.00 | 3972.80 | 3871.60 |
| Siemens | 3101.30 | 6.90 | 3152.20 | 3026.80 |
| Thermax | 2878.00 | (-)1.50 | 3015.30 | 2682.50 |
| Bharat Electronics | 449.00 | 9.30 | 459.40 | 434.10 |
| Index | Levels | |||
| S&P BSE Capital Goods | 66666.73 | 7.90 | 67747.00 | 64714.50 |
| Nifty 50 | 25320.65 | 1.10 | 25458.70 | 25144.60 |
| S&P BSE Sensex | 82269.78 | 0.90 | 82703.70 | 81724.10 |
End
Reported by Anshul Choudhary
Edited by Tanima Banerjee
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