Look at pharma, IT, FMCG space: Devang Mehta

Devang Mehta of Anand Rathi Financial Services told CNBC-TV18, "We have been maintaining that 50 percent of your portfolio necessarily has to be in pharma, FMCG and IT stocks where generally the earnings have been good and for the next couple of quarters when there is not much surety on the earnings of the cyclical sectors, all these sectors would come to the fore and keep performing well."

"So, pharma, IT as well as FMCG should be a part of the core portfolio and you have to diversify slowly but surely when such corrections come. The corrections have not been generally long lasting in this market. So, today's opportunity and may be if the market falls for a couple of days in the absence of any cues, I think this would be a good opportunity to enter some private sector banks as well," he said.