Prefer capital goods stocks on declines: Phani Sekhar

Phani Sekhar of Angel Broking told CNBC-TV18, "I would go easy on capital goods at this point in time because I guess there is just too much of enthusiasm bordering on euphoria in that space. It will take some time for either the private or the public spending to come back. So while easy pickings might be out there for any capital goods companies but more than that is already factored into the price. I would look for a stock price decline of at least 15-20 percent to get into any of these larger capital goods names.”

On March 10, 2014 Bharat Heavy Electricals closed at Rs 187.90, up Rs 4.20, or 2.29 percent.

The share touched its 52-week high Rs 208.70 and 52-week low Rs 100.35 on 11 March, 2013 and 20 August, 2013, respectively.