Expect IT space to outperform: Tirthankar Patnaik

Tirthankar Patnaik of Mizuho Bank told CNBC-TV18, "We have been buyers of the technology space all through. Companies have been showing up fairly negative numbers but the way the domestic economy is likely to perform over the next two quarters, we are not likely to see any kind of significant improvement that should see earnings move up beyond news. So, domestic sectors are good from a news perspective but from an earnings perspective, we are going to see disappointments."

"Our view has been global over local except the commodity space. So, for the IT space in general we are supportive and that is one of the reasons why we saw the IT sector move up and I would expect it to continue outperforming over the next month or so as we see higher volatility and that volatility especially being there in the domestic names," he said.