Sailesh Raj Bhan on what to do with IT and pharma stocks now

If IT businesses are back to 8-10% earnings growth, the current 20 multiples may not be sustainable for a lot of them. As we have seen in the past, multiples do correct significantly when growth evaporates and directionally, if you are looking at single digit earnings growth for these businesses, you may still have some time for these sectors to be becoming very attractive from an investment point of view, says Sailesh Raj Bhan, Senior Fund Manager,Nippon India MF