Valuations have been stretched in the market, easy money has been made and probably it is time to work a bit harder, said Mihir Vora, Director and Chief Investment Officer at Max Life Insurance. According to him, IT stocks are still not overvalued and will continue to do well. IT, pharmaceuticals, along with export-oriented companies, will command premium valuations, Vora said.

The fast-moving consumer goods (FMCG) sector is doing well and will continue to deliver double-digit revenue growth, S Krishna Kumar, CIO Equity at Sundaram Mutual Fund, mentioned. "It is a pretty reasonable space to be in when there is uncertainty around you," he added.

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