SP Tulsian still upbeat on these private sector banks and consumption names

Among private sector banks, it is a foregone conclusion that two banks are the best - HDFC Bank and Kotak Mahindra Bank in terms of safety and comfort on the asset quality they seen to be the best, said market expert SP Tulsian of sptulsian.com.

"On the second rung, you could place three banks in this category - ICICI Bank, Axis Bank and third is State Bank of India. ICICI Bank has already seen a big fall in the last 3 or 4 days and probably that is also seen partly happening in Axis Bank and to some extent in SBI as well. So now I would really be worried more on further destruction of sentiment on these three banks."

"In morning, HDFC Bank was down 10 percent, Kotak Mahindra Bank was down by about 13-15 percent but now both these stocks are in green, so probably the same thing could happen with Axis Bank tomorrow or day after as well because you have some kind of technical factors. However fresh investments should be looked more into the HDFC Bank and ICICI Bank at this stage," said Tulsian in an interview with CNBC-TV18.