Don't think it's the right time to buy automobile stocks, says UBS Securities’ Gautam Chhaochharia

“Specifically the last couple of month - slowdown is a lot bigger worry for market and investors because there was hope building up that post-elections we will see growth picking up,” he said.

Speaking about sectors in favour of investors, Chhaochharia said, “We still see risk-reward being attractive in terms of valuation and earnings momentum. We still see risk-reward attractive in broader oil and gas space, specifically in gas but even in terms of oil marketing companies. We see risk-reward attractive even now in the listed property companies and we see risk-reward attractive in the insurance companies.”

“Where we do not see risk-reward being attractive even now is autos, non-bank financials and midcaps,” he further added.