Prefer Wipro, Bajaj Corp: Devang Mehta

Devang Mehta of Anand Rathi Financial Services told CNBC-TV18, "What we have seen in the past few days is that at least IT as well as some of pharma as well as FMCG stocks have been the saviour for the market and what Bank Nifty did to this market is taking leadership while on the way up has in fact acted as a leader in its way down also. Some of the earnings from the IT sector or HCL Tech still remains the sector where one can hide and also good material gains can be made out of a stock like Wipro which we have been continuously suggesting. We feel that it still available at mid cap type of valuations around 14-15 times one year forward. So, something like Wipro could be very encouraging and again some of the stocks that we have been traditionally recommending, like Bajaj Corp or Pidilite industries or Zydus Wellness which have, in these circumstances, also come up with good set of numbers."

"Emami is doing some marvelous acquisitions and also all this organic as well as inorganic growth is paying rich dividends to the shareholders as well as the companies. So, all these stocks could be probably start to be nibbled into and whatever happens to Bank Nifty or the capital goods stock or the capex driven stocks, IT, Pharma and FMCG will continue to do very well in the future," he said.