Prasun Gajri of HDFC Life said that he is currently cautious on the markets.

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In an interview with CNBC-TV18 said, “It is not that we are bearish per se, but just a little bit cautious. We are kind of balancing out our views on the market in a sense that we are exposed to some cyclicals sectors at the same time we are taking some defensive bets in the portfolio.”

Gajri believe that at these valuations any kind of a headwind would be detrimental to the market. In the markets, he continues to be bullish on pharma and IT.

“We continue to be overweight on the pharma and even IT. At the same time, we remain positive on sectors like cement, parts of the auto, parts of banking, parts of capital good so it is more of a balanced approach.”

He also believes that this is a market that is more conducive for large caps at this point of time given the run-up seen in midcaps.

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(Edited by : Pranati Deva)