Kotak Mutual Fund underweight on IT space

Harsha Upadhyaya, Head of Equities, Kotak Mutual Fund is underweight on IT space.

Upadhyaya told CNBC-TV18, "We were underweight on IT and we were a bit hurt in the last couple of weeks, but we  still believe that the demand scenario is not very strong, so to that extent I think we are going to continue with our  underweight position with stock specific investment ideas within the sector."
He further added, "Be it on the analyst expectations on some of these results we believe that the trend is not likely to  sustain and we believe that there is going to be some amount of pressure on both volume growth as well as pricing  going forward and that is the reason why we have been underweight on the sector."