Mahesh Patil, co-chief investment officer at Aditya Birla Sun Life AMC, spoke to CNBC-TV18 about sectors to invest and shared his views on auto and FMCG space.

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Talking about the consumption theme, Patil said, "The demand in the FMCG sector has not been huge, it was only around 1 percent. Small-ticket consumer discretionary is seeing decent growth than high ticket discretionary consumption."

With regards to autos, he said, "It is a good time to look at stocks at current levels because demand is expected to normalise six months down the line. The slowdown in autos is not structural, the retail demand during the festive season for autos has not been good which led to huge inventory build-up."

"Earnings growth in consumer staples should be steady but do not expect the same acceleration that they saw in FY19, he said. Valuations have been high, so when they correct 5-10 percent they would offer a good entry point."

Talking about flows into mutual funds, he said, "March would be better than February. SIP book is more or less flat in terms of sequential growth. Flows are steadying after the fall seen in first few months, they have kind of bottomed out. There are outflows in the balanced fund category but otherwise, the flows should marginally improve compared to previous month."