Jinesh Gopani Hd-Equities at Axis AMC said we are positive on FMCG space on a longer term basis.

He said, "India is a domestic driven economy and there is a good 10-20 year story in that. So, if you are happy taking slightly longer term bet of 5-7 years and if you are ready to pay a near term higher valuation, then there is a structural story in place. If you go through the valuation in terms of DCF and other metrics, there is a clear cut story as your GDP grows, these companies grow at 1.5-2x of GDP. Obviously the near term valuations are high because the delivery of numbers are coming."

Speaking on telecom space he said, "Jio has made a big dent on other companies. The market share has been growing significantly over the last 6-7 months or quarter on quarter basis and also the ARPUs have held up pretty well. So from a sector perspective Reliance Jio is bet to play as compared to the other names. Having said that once the pricing war or the competitive intensity stabilises, you will have other names also to play."

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