IT space not do well: Pashupati

Pashupati Advani of Advani OTC Dealers is of the view that IT sector would probably not do well.

Advani told CNBC-TV18, "When the markets turn bullish, you always have this situation where they get out of defensive sectors. In pharma, Ranbaxy has been taken out; Dr Reddys Labs is actually getting dropped out of the Sensex. So that is going to affect the trading pattern of it. Though pharma is a nice place to be in, by the time the Ranbaxy offer goes through and the money comes back into the market and it gets reinvested in pharma, it is going to take a little bit of time. Therefore pharma has been a little bit out."

He further added, "In IT, I personally think the rupee is heading back towards 40 and as a result of which the IT sector would probably not do well. It has had a good run when the rupee went from 39 to 42. But I think we are headed back to 40."