BSE Capital Goods index slips 4%; Thermax, Apar, Astral tank up to 20%
Thermax is in focus.
· Business Standard Mkts
At 12:24 PM on Friday, the BSE Capital Goods index was the top loser among sectoral indices down 3.3 per cent, while the BSE Sensex gained 0.84 per cent.
The analysis
Thermax reported movement of 4%, 20% and 3.3%. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is -17.7% on the day at ₹2,731.60, and has returned -18.3% over three months. It sits 47% below its 52-week high, which means a good deal of bad news was already in the price. The power sector has moved -10.3% over the same period, so Thermax is running 8.0 points behind its peers.
For Thermax, the question is how much of this is already reflected in the price and how much re-rates the power peer set alongside it.
Why it matters
- With BSE involved, this carries a regulatory dimension that can outlast the immediate market reaction.
Market context
- In focus: Thermax (THERMAX), in Power.
- Over three months: Thermax -18.3% against Power -10.3% (8.0 points behind).
- At least 25% below the 52-week high: Thermax (47%).
- Trading well above normal today: Thermax at 14.3 times its 20-day average volume.
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| ThermaxTHERMAX · Power | ₹2,731.60 | -17.7% | +2.8% | -18.3% | -47.1% | 14.3× | — |
Power
1M -0.6% · 3M -10.3%
Thermax
Capital Goods & Engineering
1M -7.9% · 3M -7.5%
Capital Markets
1M +4.8% · 3M +1.4%
Prices as of 6 Nov 2026, 14:42 IST. Sector moves are the average of the stocks we track in each sector.
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