Most of India's IT companies are geared towards the struggling banking sector, therefore services companies with a portfolio of banks and NBFCs will face problems with slowing demand over the next few quarters, according to Anand Tandon. He stresses that some smaller companies may beat the general downtrend by developing products that will see growth. Valuation is fluctuating across the retail side of the market, and it is a sector that requires further maturity before arguing that it is a reasonably stable business to be valued.