Buy IT stocks, says Sangeeta Purushottam

Sangeeta Purushottam, Professional Investor told CNBC-TV18, "IT stocks are a safe place to hide in a market, which has a certain dearth of conviction across many sectors. The fact that the rupee has depreciated and the overall prognosis on the rupee is still fairly subdued or negative is what is really supporting these stocks."

"Their valuations are not as high as some of the other pockets, which show relative stability in earnings growth, be it the FMCG sector or the pharma pack and that is really what is supporting the performance of the IT stocks. However, if we look at the underlying issues in terms of demand growth, they do remain, but these companies do benefit from the depreciation of the rupee and that is really what is driving it," he added.