Hold oil & gas stocks: Deepak Shenoy

Deepak Shenoy, Founder of Capitalmind.in told CNBC-TV18, "I am still a buyer in oil & gas stocks. We are in a process where much of the realignment is happening with respect to them realising better gains in general after the deregulation has come in place. They are still at 12 PEs, they have a fairly large franchise. If you even discounted the fact that electric vehicles are coming in, it may reduce the use of petrol or diesel in general, I think they have an extremely large franchise that they can utilise even for an electric vehicle push with recharging facilities in battery operations as well."

"So, overall these are good stocks to hold for short term and long term as well. We are looking at some short term momentum here. The valuations too are not extreme as in other sectors," he said.