"Consumption remains a favourite theme but it would be stock specific as it is expensive. Both the urban and rural consumption has picked up. Lot of companies that were disturbed due to demonetisation and GST are back on track," said Devang Mehta, Centrum Wealth Management.

"Midcap IT had a dream run post decent numbers in the last couple of quarters and in some of them, the valuations have gotten very expensive. So one must be cautious on them. It is better to be safe than sorry. They can be good holds but not great buys, he said.

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First Published:May 10, 2018 4:52 PM IST