New Delhi, Sept. 18 -- The era of IT services and banks leading the growth story in the Indian stock market seems to be over, according to Jefferies' global head of equity strategy Christopher Wood. He believes that the Indian stock market is entering a new phase where its growth story is no longer defined by its traditional pillars of IT services and banks.

"That era is over," Wood, the author of the widely followed Greed & Fear report, told Business Today TV in an interview, stressing that the bigger challenge for investors now is deciding "what not to own."

While IT services firms continue to make conceptual sense for long-term portfolios, Wood flagged key risks weighing on the sector. "For some Asian countries, 50% tariffs would be ...