IT stocks depend on how other stocks perform: Anish Damania

In a chat with ET Now, Anish Damania, Head-Institutional Equities, IDFC Securities, shares his views on IT stocks.

ET Now: Is it a good time to be a contra buyer and buy into some IT stocks?

Anish Damania: We have seen in IT in the last quarter is some yellow flag. There was expectation that things will do well but they have not done as well as what most people expected them to. The valuations had shot up to those levels so that the expectations had also increased. But, I will be positive on IT names and weightages of the sectors will depend on how you see other stocks doing vis-à-vis the IT sector rather than IT sector on its own.