Tech stocks to remain strong due to growth in the US: Harendra Kumar, Elara

In an interview with ET Now, Harendra Kumar, MD-Institutional Equities, Elara, shares his view on exports:

ET Now: The battery makers, etc. are a separate case in point, the exporters which have shown a bit of downtick yesterday, would that selling continue, the Motherson Sumis, Bharat Forges, the IT companies, that selling expected to continue?

Harendra Kumar: In terms, of the industrial exports, yes there is going to be contraction in the global markets but not so much in the services sector because the US growth is returning very strongly which is primarily the big markets for tech and the pharma companies. Pharma companies have their own individual problems in terms of valuations where the markets might hold up but, valuations and their over ownership of FIIs is very high so that is where the risk is. But per se for tech, we do not see much issue apart from minor areas of concern on the Europe side.