IT sector can attract money; valuations can have upside: Nirmal Jain, IIFL

In a chat with ET Now, Nirmal Jain, Chairman, IIFL, shares his views on the current outlook of the IT sector. Excerpts:

ET Now: IT has been very active—Tech Mahindra, HCL Tech have done well. Will midcap IT do good in terms of earnings?

Nirmal Jain: One can look at in both IT large cap and midcap—this sector has some steam left as the valuations will be 15 to 20 times depending on stock to stock.

Therefore, I would say that IT sector can attract some money and valuations can have some more upside. Although, one has to wait and see how September quarter results are for individual companies; however, large cap as well as midcap segments can do well.