Rupee at 90+: Why IT becomes a safe haven and where the real risks still hide

Sowilo Investment Managers’ Sandip Agarwal says the recent IT stock rally driven by rupee depreciation is more of a temporary tailwind than a structural upswing. He expects limited earnings momentum for large IT firms but sees long-term opportunity in ER&D players, platform businesses, capital-market plays and select manufacturing names as mid- and small-cap earnings remain fundamentally stronger.