Upcoming elections in different states remain an uncertainty for the market even if the BJP wins the 2019 general election, said Samir Arora, Founder and fund manager, Helios Capital.

The market rally may be broadening but it depends on what index one is comparing it to because compared to Nifty everybody is still underperforming, said Arora.

However, he said the rally may continue given that both foreign institutional investor (FIIs), Domestic institutional investors (DII) are buying, earnings have been good and US markets are also doing well.

When asked if he was looking at doing an India play in the market by loading up more on IT, pharma, Arora said rupee is right now not affecting their financial decisions.

Helios Capital like the financial space and they even have the largest public sector bank in their portfolio, Arora added.

"We have added a corporate bank and a PSU bank to our portfolio recent but HDFC Bank remains the number one," he said.