Parag Thakkar of HDFC Securities told CNBC-TV18, "It is a short-term blip for IT stocks driven mainly by currency fluctuations with euro causing a cross currency damage and there are some structural issues in some verticals like insurance and energy because oil prices have gone down so much. So those are getting reflected right now. I would like to recommend buying on every dip in this sector."
"Across the markets, I think this is the time to build your largecap portfolio. The largecaps have corrected so much for example Sun Pharma, due to the technical selling, has come down by 20 percent, cement because in North the prices had corrected significantly. So, UltraTech Cement has corrected almost 15 percent from the highs," he added.
"Due to the asset quality issues and lower credit growth, Axis Bank, IndusInd Bank and Kotak Mahindra Bank have corrected significantly. So, this is the time to take a long-term view. Keep faith and buy on dips."
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