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Money Doesn’t Come Without Guidence ...

Market Live: Sensex, Nifty extend gains in opening; Tata Motors, Infosys gainers

9:32 am FII View: Bharat Iyer of JP Morgan said the sharp 18 percent rally since the beginning of the year has taken the Nifty past 2017 base case target of 9,300 and tracking around bull case target of 9,600 set in December 2016.

The rally has been driven by global risk-on and local policy support, including a 100 bps cut in lending rates, the BJP's positive showing in state elections and progress on implementation of the GST, he reasoned.

He feels equity markets appear fully valued on a near-term basis. "We have been calling for the markets to pause for a breather over the last two months. We continue to call for consolidation," Iyer said.

Also read - Buy, Sell, Hold: 11 stocks and 3 sectors are on analysts’ radar today

9:15 am Market Check: Equity benchmarks extended gains in opening despite mixed Asian cues on Tuesday.

The 30-share BSE Sensex was up 34.09 points at 31,345.66 and the 50-share NSE Nifty rose 9.10 points to 9,666.65 amid consolidation.

Tata Power, Tata Motors, Infosys, Tata Motors DVR, ICICI Bank, L&T and Bharti Infratel were strong in early trade whereas TCS, Axis Bank, Kotak Mahindra Bank, Lupin, Bajaj Auto and SBI were losers.

Bharat Financial Inclusion, NBCC and Fortis Healthcare were early gainers among midcaps. Amtek Auto, Bhushan Steel and Lanco Infratech fell further, down 5-8 percent.

The Indian rupee opened marginally lower at 64.48 per dollar against previous close of 64.43.

Bhaskar Panda of HDFC Bank expects the USD-INR pair to trade in a range of 64.40-64.60/dollar today.

Asian indexes turned mixed as markets awaited MSCI's decision on the potential inclusion of mainland Chinese stocks, even as the dollar strengthened.