Prefer private banks, IT stocks on declines: Phani Sekhar

P Phani Sekhar of Karvy Stock Broking told CNBC-TV18, "The pack like metals and telecom is where you actually see a large amount of business challenges. So, the pack with the business challenges can be revisited later. But, groups like largecap IT or in some cases private banks, these segments can be looked at, but for the very near-term, since the momentum is so strong on the downside, it is a good idea to just stay and watch where they go and if they correct another 5-7 percent and if there is a semblance of sanity in the market, that is the time that you can go ahead and shop in these names."

On Wednesday, Tata Consultancy Services closed at Rs 2,594.05, down Rs 25, or 0.95 percent. It has touched an intraday high of Rs 2,622.45 and an intraday low of Rs 2,584.10.

ICICI Bank closed at Rs 307.70, down Rs 4.90, or 1.57 percent. It has touched an intraday high of Rs 311.65 and an intraday low of Rs 306.45.