Saurabh Mukherjea, the founder of Marcellus Investment Managers, is of the view that it would be premature to call the current market rally as a pre-election rally.

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"It could be that the Indian market is basically catching up with the global market rally," he said in an interview with CNBC-TV18.

According to Mukherjea, "There are three pockets of the market that are fundamentally well placed and historically they have been the favourite of FIIs. One, the export-oriented pharma and the tide seem to be turning for them. Two, private sector banks that are slated to gain market share from the NBFCs and housing finance companies in areas of the car and home loans. Three, small-ticket consumption – FMCG and retail to benefit from government sops."

"Moreover, IT also will have a good run over the next 12-18 months, especially if rupee goes to 75 to the dollar", said Mukherjea.

However, for the auto space, the fundamental recovery is still some time away. "Valuations still look rich and don’t expect near-term pick up in volumes, he said. Although near-term there could be buoyancy in rural plays like two-wheelers, tractors etc on back of election spends," Mukherjea said.