Look at FMCG space, says Madhu Kela

Madhu Kela of Reliance Capital told CNBC-TV18, "Market is clearly only respecting earnings. So, wherever you have earning growth or a forecast of a big earning growth markets are disproportionately rewarding whether it are sectors or whether it is companies. However, whether it is IT or pharmaceuticals or fast moving consumer goods (FMCG) companies, consumer facing FMCG companies has been in an earning downgrade to say the least over the last 12-18 months.""Market is clearly not interested in these sectors right now because even though optically they look very comfortable in terms of valuation vis-a-vis the growth stocks or growth sectors. However, market is just not willing to give that chance to these sectors as of now. In rotation even though I think the healthcare and the pharmaceutical sectors could give select opportunities, we were early on in these sectors," he said."However, because this is a very long-term theme and if stocks become selectively cheap out here I think I would say that this is one sector which one should look at in all the downgrade sectors which are there."