IT, pharma space look good, says Nirmal Jain

IT and pharma space are looking good at current levels, says Nirmal Jain, Chairman, IIFL.

Jain told CNBC-TV18, “IT and pharma both have good export income and that becomes hedge against currency and if the currency does not depreciate then market will also hold out. These two sectors are doing well in terms of- if you pick up the right kind of companies and 20-25% growth can be sustained over next 3-5 years which is very good.”
He further added, “Banks and infra you should reduce your exposure. If you are a fund you have to be exposed to these sectors. They are large but you should be underweight. Wherever there is an opportunity try and cut your exposure and maybe increase your exposure to IT, Pharma and then followed by FMCG in that order.”
“I will avoid all three- L&T, SBI and Reliance of them but in terms of order, if you were to buy, you are forced to buy then you can look at L&T, SBI and then Reliance.”