Like private banks; SBI top pick: R Sreesankar

R Sreesankar, Head-Institutional Equities at Prabhudas Lilladher told CNBC-TV18, "We have an overweight position in the financial services sector with overbearing presence in the private sector banking space be it HDFC Bank, IndusInd Bank, ICICI Bank etc has been part of our top picks. We have removed HDFC Bank because of the sharp price run and the valuations becoming a bit more steeper."He further added, "We also believe that with the base rate getting implemented there could be some contraction of the margin that could be there. Having said that, we like the private sector banking space and from the public sector banking space the only top pick that we have is State Bank of India."