The S&P BSE capital goods index rose more than 1% and edged closer to a record high amid the strong growth outlook. Siemens, Larsen & Toubro (L&T), CG Power & Industrial Solutions, Hindustan Aeronautics (HAL), Elgi Equipments and Schaeffler India rose between 1% and 3% in intraday trade on the BSE on Tuesday.

At 10:32 am, the S&P BSE Capital Goods index was the biggest gainer among sectoral indexes, rising 1.2%, while the S&P BSE Sensex gained 0.37%. The capital goods index hit an intraday high of 35427.37, near the record high of 35,537.68 set on December 15, 2022.

In the October-December quarter (Q3FY23), capital goods companies delivered healthy results, helped by solid execution and strong order inflows. While supply chain disruptions, higher freight costs and higher commodity prices continue to weigh on margins, the favourable impact of recent commodity price corrections has brought much-needed relief going forward.

Among individual stocks, Siemens rose 3% intraday today to hit a fresh high of Rs 3,303. It has soared 17% over the past three months, with a 0.38% drop for the S&P BSE Sensex.