Siddharth Teli overweight on HDFC Bank, HDFC

Siddharth Teli of Religare Capital Markets told CNBC-TV18, "HDFC Bank and Housing Development Finance Corporation (HDFC) are the names that we like in the space. Valuations were expensive, so those stocks have also corrected a bit. I am not sure if it is worthwhile catching a falling knife over here but clearly from a portfolio stand point within financial space these were the two stocks that we would be overweight on at this point in time from a long only perspective."

At 14:17 hrs Housing Development Finance Corporation was quoting at Rs 668.70, down Rs 75.45, or 10.14 percent. It has touched a 52-week low of Rs 668.65. HDFC touched its 52-week high Rs 931 and 52-week low Rs 712 on 30 May, 2013 and 20 August, 2013, respectively. Currently, it is trading 28.17 percent below its 52-week high and 6.08 percent above its 52-week low. Market capitalisation stands at Rs 103,954.11 crore.