Capital Goods Stocks Outlook
Seen higher after Iran opens Strait of Hormuz
This story was originally published at 19:55 IST on 17 April 2026
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MUMBAI – Shares of capital goods companies are likely to rise next week after Iran announced it will open the Strait of Hormuz for trade. This is likely to ease pressure of high costs on capital goods companies.
Crude oil futures fell sharply after Iran's foreign minister said the Strait of Hormuz will be open for trade till ceasefire is in place between Israel and Lebanon. Both the contries had signed a 10-day ceasefire on Thursday. At 1925 IST, crude oil June futures were down nearly 11% to around $88.50 per barrel. The contract had been trading at $95-$100 per barrel for the most part of the deal.
There is still uncertainty around the two-week ceasefire announced by the US and Iran. Talks between the US and Iran to end the war failed last week and there is uncertainty about when will the two nations hold second round of talks. The ceasefire will expire on Wednesday. Situation in West Asia is unlikely to worsen after Israel and Lebanon signed the 10-day ceasefire Thursday.
Market participants are likely to take cues from the March quarter earnings next week. Estimates from eight brokerages showed the cumulative net profit of 16 capital goods companies in the Nifty 200 index is likely to rise 15% on year during the March quarter. The 16 companies' cumulative revenue is expected to rise 13% on year.
There are no earnings scheduled for capital goods companies which are part of the Nifty 200 index. However, investors may react to earnings of smallcap companies including Transformers and Rectifiers India, Havells India, and Sterling and Wilson Renewable Energy next week.
Havells is expected to report a decline in the March quarter net profit by nearly 12% on year to INR 4.61 billion. Its revenue is expected to rise nearly 9% on year to INR 71.10 billion. The revenue is likely to rise on the back of cable and wires business, while the air conditioner business is seen weak.
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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 | 316.79 | 11.30 | 324.40 | 303.60 |
| CG Power and Industrial Solutions | 774.80 | 6.00 | 794.70 | 738.40 |
| Larsen & Toubro | 4,096.10 | 3.40 | 4,174.00 | 4,033.80 |
| Siemens | 3,707.90 | 9.40 | 3,817.80 | 3,510.00 |
| Thermax | 4,141.40 | 13.70 | 4,235.10 | 4,011.10 |
| Bharat Electronics | 462.75 | 4.60 | 469.60 | 451.00 |
| Index | Levels | |||
| S&P BSE Capital Goods | 76112.21 | 5.50 | 77249.90 | 74074.00 |
| Nifty 50 | 24353.55 | 1.30 | 24549.70 | 23998.00 |
| S&P BSE Sensex | 78493.54 | 1.20 | 79085.00 | 77430.50 |
End
US$1 = INR 92.93
Reported by Anshul Choudhary
Edited by Akul Nishant Akhoury
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