Investment Advisor, PN Vijay is of the opinion that BHEL, Larsen and Toubro, L&T, Thermax look expensive.

Vijay told CNBC-TV18, "We have always been saying that it is investment cycle, which has been driving this market just like the TMT sector drove the last bull market and so the capital goods sector, the BHEL, L&T, Thermax etc are the center of it and they have long cycle of capital equipment delivery. So their earnings are really coming in and they are all expensive. But right now the whole market is quite expensive and I am impressed with the capital goods and oil & energy sector, which is coming-in with robust numbers and what it has done is that the Q4 profitability growth has been much above what we thought it would be."