Intraday Price Movement and Trading Action
The stock opened with a significant gap up of 7.8%, signalling robust buying interest from the outset of trading. Throughout the session, Thermax Ltd. maintained upward momentum, eventually touching its peak at Rs 3,098.45. This intraday high represents a 9.49% gain compared to the prior day’s closing price, underscoring a strong bullish sentiment among market participants.
Thermax’s day change stood at 7.35%, outperforming the Heavy Electrical Equipment sector, which gained 4.16% on the same day. The stock’s performance also exceeded the Sensex’s gain of 2.68%, highlighting its relative strength amid broader market fluctuations.
Technical indicators showed the stock trading above its 5-day, 20-day, and 50-day moving averages, suggesting short- to medium-term positive momentum. However, it remained below its 100-day and 200-day moving averages, indicating that longer-term resistance levels have yet to be breached.
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Sector and Market Context
The Heavy Electrical Equipment sector, within which Thermax operates, recorded a gain of 4.16% on the day, reflecting broad-based strength in engineering and industrial equipment stocks. Thermax’s outperformance by over 3 percentage points relative to its sector peers highlights its distinct trading momentum.
Meanwhile, the broader market displayed mixed signals. The Sensex opened sharply higher by 3,656.74 points but subsequently lost momentum, retreating by 1,466.20 points to trade at 83,857.00, a net gain of 2.68%. The index remains close to its 52-week high of 86,159.02, just 2.75% away, with mega-cap stocks leading the advance.
Technically, the Sensex is trading below its 50-day moving average, although the 50-day average itself is positioned above the 200-day moving average, indicating a cautiously positive medium-term trend.
Performance Comparison Over Various Timeframes
Thermax Ltd.’s recent performance shows a mixed trend when compared to the Sensex across different periods. The stock outperformed the Sensex over the last day and week, with gains of 4.94% and 4.87% respectively, compared to the Sensex’s 2.68% and 2.44% gains.
However, over the one-month and three-month periods, Thermax recorded declines of 1.80% and 7.34%, respectively, which were sharper than the Sensex’s declines of 2.22% and 0.14%. On a one-year basis, Thermax’s performance was negative at -16.98%, contrasting with the Sensex’s positive 8.64% return.
Longer-term trends remain favourable for Thermax, with three-year, five-year, and ten-year returns of 54.73%, 192.46%, and 275.66%, respectively, all surpassing the Sensex’s corresponding returns of 37.83%, 66.86%, and 246.18%. Year-to-date, the stock’s performance of -1.58% closely mirrors the Sensex’s -1.60%.
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Mojo Score and Rating Update
Thermax Ltd. currently holds a Mojo Score of 38.0, categorised under a Sell grade. This rating reflects a downgrade from its previous Hold grade, which was revised on 4 Aug 2025. The company’s market capitalisation grade stands at 2, indicating a mid-cap classification within the heavy electrical equipment sector.
The downgrade in rating suggests a reassessment of the stock’s relative strength and momentum, despite the strong intraday gains observed on 3 Feb 2026. The stock’s recent trading action, including its gap up opening and intraday high, may be influenced by short-term factors rather than a fundamental shift in outlook.
Summary of Trading Dynamics
Thermax Ltd.’s strong intraday performance on 3 Feb 2026 was characterised by a gap up opening of 7.8%, sustained buying interest, and a peak price of Rs 3,098.45, representing a 9.49% increase. The stock outperformed both its sector and the Sensex, which experienced a volatile session with an initial surge followed by a partial retracement.
Technical indicators show the stock trading above key short- and medium-term moving averages, while longer-term averages remain resistance points. The broader sector’s positive momentum and the market’s mixed but generally positive trend provide context for the stock’s intraday strength.
Despite the positive price action, the stock’s Mojo Score and rating reflect a cautious stance, highlighting the importance of monitoring both technical and fundamental factors in assessing its ongoing performance.
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