Market expert Manishi Raychaudhuri has advised investors to be cautious at this point in time after the massive rally that was seen across the global equity markets.

Raychaudhuri, equity strategist of Equity Cash Asia Pacific at BNP Paribas, said that India has always been "a stock-picker's market". According to him, a narrow group of stocks has been driving the Indian market.

"We have an overweight call on India," he said.

Speaking further about stocks, Raychaudhuri said, “IT and telcos have been some of the biggest beneficiaries of remote working necessities that we have seen across the world including in India.”

“Telecom in particular has also been a beneficiary of a duopolistic market structure that has evolved as a consequence of pressure that the incumbents have faced,” he added.

Raychaudhur also likes retail lending private sector banks.

FMCG is relatively more defensive and less volatile, he said, adding select FMCG stocks will continue to outperform.