ITC, HCL Tech are core portfolio stocks: Nirmal Jain

Nirmal Jain, Chairman of IIFL told CNBC-TV18, "Axis Bank and ICICI Bank, these are two private sector banks. Although private sector banks seem to have risen much faster than public sector undertaking (PSU) banks, even if you look at P/E multiple or the book value multiple and as a factor of public sector to private sector ratio if you look at it, it has not changed much in last 15 years despite private sector banks giving very good returns consistently."

"Indian Tobacco Company (ITC) is a stock which is very resilient to all the cycles. Even excise hike in cigarettes historically has not impacted this earnings much. So it is a core portfolio holding and HCL Technologies is a play on rupee's depreciation. So, if we look at these stocks, they are long-term core portfolios, you don't have to be worry about the volatility and day-to-day changes in the market and you can hold them through the cycles," Jain said.