Market Now: Capital goods stocks fall; Siemens plunges 9% despite profit growth

NEW DELHI: Most capital goods counters were experiencing losses during afternoon trade on Thursday.

The BSE Capital Goods index was trading 1.56 per cent down at 19,211 around 01:20 pm (IST) with Siemens (down 8.95 per cent) as the top loser.

Shares of Siemens declined even as the company posted on Monday a rise of 18 per cent in its March quarter profit.


Reuters quoted Deutsche Bank analysts saying that delay in conversion of orders and slowdown in exports pose downside risks for the company.

ABB India (down 3.02 per cent), BEML (down 2.30 per cent), Suzlon Energy (down 2.03 per cent), Bharat Electronics (down 1.77 per cent) and Reliance Naval and Engineering (down 1.39 per cent) were also in the red in the capital goods index.

Meanwhile, shares of CG Power and Industrial Solutions (up 0.80 per cent) and Schaeffler India (up 0.51 per cent) were trading with mild gains.

Benchmark NSE Nifty50 index was down 32 points at 10,687, while the BSE Sensex was 43 points down at 35,134.

Kotak Mahindra Bank, Hindustan Unilever and Wipro were among the top losers in the Sensex index.