Check out Dipan Mehta's top bets in IT & pharma space

Dipan Mehta told CNBC TV18, "The IT companies which were losing favour earlier in the year have come back into reckoning because of rupee depreciation. We have observed that many price cuts do not come through because the rupee has weakened. My sense is that may be June to September quarter may be a very good period for IT companies and market will start discounting this well in advance. Best to focus on the IT companies which have actually performed and delivered good numbers for the past 2-3 quarters - doesn't matter whether largecap or midcap for that matter. We have seen that within the largecap, Tata Consulting Services (TCS) and HCL Technologies have come out with excellent set of numbers for past several quarters and within the midcap, Mindtree, CMC and KPIT Cummins come to mind as companies which have delivered consistently. We should focus on these 5-6 companies where they will have the benefit of good volume growth as well as rupee depreciation. One could see expansion of margins and top-line, bottom-line growing further than what street is expecting. May be there could be a case for a PE rerating as well. IT is a sector one should slightly get overweight on given that the government and RBI and all are kind of comfortable with the rupee being at these levels and may be depreciating even further. All the export oriented companies will come back into reckoning."

"At same point of time, investors could also look at the pharmaceutical companies because those are also huge exporters- likes of Sun Pharma, Dr Reddy's, Wockhardt, Cadila all these companies get huge income in forex and they also will tend to benefit from the rupee depreciation. That is another segment of the market which will get into focus may be as and when we see the rupee settling around these levels," says Dipan Mehta