Though things are much better than they were in the months of April, May and June, it is too early to assume that everything is back to normal, said Srinivas Rao Ravuri, Chief Investment Officer - Equities at PGIM India Mutual Fund in an interview with CNBC-TV18. “There is a need to be cautious,” he added.According to him, results have been better than what one was expecting. “As we get into the result season, at the fagend is when we tend to see weaker numbers coming in,” he said.PGIM India MF has been underweight financials in a meaningful way. “There is clear stress in the system and banking and financials will see impact of this. That is the reason we are underweight. That has contributed to our performance in recent times,” he said.However, we are still playing banking sector through what we believe are the best and leaders in that space, Ravuri said.“We are still keeping the faith in telecom space. We are positive on that space,” he said.He believes the consumption space will do well. “We remain positive on this space,” he said.