Buy pharma stocks on dips; be cautious in chemicals: Sandip Sabharwal

"When it comes to the pecking order, private banks will take the lead because the PSU bank current results seem good simply because of the fact that the write-offs have moderated, there are some recoveries, etc, but these banks are continuously losing their market share in low-cost deposits which is the mainstay of the banks. There the larger private sector banks are gaining market share on a continual basis."