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Hysteria visible in some pockets of market: Worrying sign for investors

If interest rates fall further, renewal of interest in IT stocks likely: Pankaj Pandey, ICICIdirect

Housing finance is a space we are not really chasing at this point in time. We do not have a coverage on a number of stocks but within the consumer facing names, Bajaj FinanceBSE 0.32 % is expected to come out with a good set of numbers wherein both NII growth and bottom line growth would be in excess of 30% odd.

In fact, it can surprise on the positive side. That is one stock which we continue to like and is part of our portfolio. That is the one we would look at given market condions.
InfosysBSE 1.64 % numbers did not surprise anyone while TCSBSE 0.72 % margins disappointed everyone. Is one better off paring down Infosys and TCS. What is your view?

If you look at it from their growth perspective, probably mid to high single digit is uninspiring and compared to the rest of the market, the entire IT pack looks quite lacklustre. But one also needs to look at IT sector in the backdrop of declining interest rates, the way it has been happening domestically as well as globally because none of the major economies have been able to achieve 2% inflation.

Somewhere down the line, what can be expected is that what happened in US for a number of stocks, could play out in the domestic story as well. Having said that, as long as the sectors keep outperforming, IT would perform on a muted basis but if the interest rates keep heading lower, you might see some interest coming in these stocks from that perspective.