Capital Goods Stocks Outlook
To follow overall mkt trend amid West Asia war
This story was originally published at 21:45 IST on 13 March 2026
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MUMBAI – Shares of capital goods companies are likely to mirror the movement in the overall market amid heightened selling pressure across sectors due to concerns of higher crude oil prices and shortage of the same affecting industrial sectors. There are also views among market participants that there would be some slowdown on capital expenditure by the government, as it would likely contain the increased import costs due to a spike in crude oil prices.
This week, Polycab India and KEI Industries were the worst-hit as they declined nearly 16% each. There are concerns that polyvinyl chloride prices may rise 6-7% as it is crude-linked, Elara Capital said in a strategy report. However, the brokerage does not see any impact on earnings per share estimates for the next financial year.
Analysts are positive on companies belonging to sub-sectors such as power transmission and distribution, renewable energy, and power equipment makers as these are shielded from the direct hit of hostilities in West Asia. From the long-term perspective, these companies are expected to see growth due to increased electrification and sustained demand for power.
As for companies in the renewable energy space, the government is looking to promote usage of electricity in a bid to reduce dependence on fossil fuels. Shares of companies such as Premier Energies, Waaree Energies, and Suzlon Energy ended the week with 3-8% gains amid a bearish market.
"BSE Capital Goods index has been trading in a range of 71150-66850 points for the past five weeks and settled with an inside candlestick on weekly charts," Vipin Kumaar, assistant vice president – technical and derivatives at Globe Capital Market. "Either side break from this range will set the path for an immediate short term move in that direction," he added.
TOP HEADLINES
* Samvardhana Motherson board to meet Mar 19 to mull interim dividend
* Samvardhana Motherson arm closes Yutaka Giken tender offer at 3,024 yen/shr
* KEC International receives orders worth INR 14.76 bln for T&D projects
* Ashoka Buildcon eligible for annuity payments for 53 km of Karnataka highway
* Rahul Kirloskar to succeed Atul Kirloskar as chairman of Kirloskar Oil
* ICRA assigns 'AAA' rating to Samvardhana Motherson's long-term bk facilities
* ABB India to invest $75 million to expand domestic manufacturing, R&D
* NCLT OKs VK Gupta's & Associates resolution plan for RInfra arm GF Toll Road
* RITES bags INR 452-mln order from West Bengal govt for bridge construction
* RITES Karnataka railway electrification order revised to INR 7.29 billion
* IRCON International says not in talks to merge with Rail Vikas
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 | 258.50 | (-)0.20 | 275.50 | 248.10 |
| CG Power and Industrial Solutions | 709.90 | (-)0.80 | 764.30 | 679.20 |
| Larsen & Toubro | 3439.00 | (-)12.90 | 3792.70 | 3247.70 |
| Siemens | 3207.60 | (-)1.90 | 3421.10 | 3089.10 |
| Thermax | 3221.00 | 1.90 | 3317.00 | 3057.00 |
| BHARAT ELECTRONICS LTD | 439.40 | (-)6.20 | 460.60 | 423.10 |
| Index | Levels | |||
| S&P BSE Capital Goods | 67620.20 | (-)4.30 | 70439.60 | 65960.70 |
| Nifty 50 | 23151.10 | (-)5.30 | 23632.20 | 22871.40 |
| S&P BSE Sensex | 74563.92 | (-)5.50 | 75986.50 | 73743.30 |
End
Reported by Gopika Balasubramanium
Edited by Avishek Dutta
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