Vaibhav Sanghavi, co-CEO of Avendus Capital Alternate Strategies, spoke to CNBC-TV18 about the selloff in the equity market and shared his views on select sectors.

"There seems to be some amount of comfort on valuation front but the market movement in short-term depends on various factors like the resolution on Alternative Investment Funds (AIF) and Foreign Portfolio Investors (FPI) tax, as well as on government measures to pump-up the economy," Sanghavi said on Monday.

"Currently, the market is also going through pressure from turbulence in global markets with regards to the Chinese Yuan," he said.

With regards to midcaps and smallcaps, he said, "If one has a longer-term view of 3-5 years then one can look at some of them but not constructive on them for the short to medium term because there is no broader economic growth yet."

With regards to sectors, Sanghavi said, "Export-driven sectors like IT, pharma would perform better and on defensive side consumers but wait to buy into consumer stocks. Structurally, long-term bullish on the whole consumer basket."

Auto space he said we are probably in the last leg of the slowdown and in the festive season one may see some recovery in sales. It is probably time to get into autos, he added.

According to him, the Nifty earnings growth could be around 15-17 percent in FY20.