Deep corrections that the heavyweights saw, the likes of banking indices, HDFC and Reliance Industries which have seen good cuts. Midcap and smallcap stocks have corrected quite a bit. Sentiments have taken a bit of beating. We would like to go with the defensives, especially the likes of IT. We should get cautious as the election results are coming through the negative sentiment seems to be discounting in the longer term, says Pushkaraj Kanitkar, AVP at GEPL Capital.