Hold Sonata Software, says Mehraboon Irani

Mehraboon Irani of Nirmal Bang Securities told CNBC-TV18, "I think some of the stocks especially the midcap IT names are back into form today but if you look at the way they have come off from the highs also, it is around 30-50 percent in certain cases. We like a name like Sonata Software. Clear disclosure, we have been buying it for our clients and we intend to hold it for the longer term.""As far as FMCG goes, the space along with pharma which despite the fact that valuations are not very easy to defend in an environment in which consumption is yet to pickup especially as far as FMCG goes, I think people are finding a lot of comfort because some of the names are very well managed companies and others are MNCs. So, there is comfort level in an environment where sentiment and confidence is just not there," he said."Market is becoming more and more polarised and that is why we are seeing preferential treatment happening to FMCG, pharma and may be IT. It is only for this reason because there are not many stocks which people intend to buy. People are buying just the top 30-60 names and most of those are FMCG, IT and pharma names."