Wait and watch for pharma: P Phani Sekhar

P Phani Sekhar, Fund Manager-PMS, Angel Broking, talks to ET Now on various stocks.

What's your call on pharmaceuticals space because there has been a marked outperformance?

Most of these stocks if you ask me are more or less fairly valued and if you actually see days like this when you have a broader correction in the market, these defensives typically tend to do well, although one would like to have them in the portfolio but I am not advising any aggressive overweight on any of these stocks.

For the simple reason that over the medium to long term, that is six months to one year, I do not see any special performance vis-a-vis valuations versus earnings trajectory which means that we are not trying to accumulate them on declines at this point in time.