Bearish on IT and pharma for now, bullish in long term: Adrian Mowat, JPMorgan

In an interview with ET Now, Adrian Mowat, Chief EM & Asian Equity Strategist, JPMorgan, shares his views on markets. Excerpts:

ET Now: Cyclicals have not performed well from the time the election results came out. Forget IT and Pharma’s last week underperformance, what do you think happens over the next 12 months or now, do they come back?

Adrian Mowat: I would recommend taking some money out of pharma and IT and rotating into cyclicals. We now have a more favourable environment for cyclicals particularly with inflation coming down. Import prices obviously moving in the right direction as well.