Nandan Chakraborty overweight on pharma space

Nandan Chakraborty of Axis Capital told CNBC-TV18, "Pharma space is almost a zoo, so each animal is different, it is one of the sectors that we are overweight on and we have a range of both largecaps and midcaps within pharma. The other sector where a lot is happening is telecom, where you have a combination of tower companies as well as companies which have now almost faced a lot of the onslaught. We are expecting competition to come in by December with the Reliance Jio launch."

"Among what you said is forecasting the operating leverage stories, there is auto and engineering. So, these are our four key overweight sectors. Downgrades will happen; they will happen in things like cement, they will happen in things like realty, they will happen in things like PSU banks. So, these sort of areas earnings downgrade will happen but they are not a large part of the Sensex," he added.