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Though headwinds such as policies of the Donald Trump government in the US exist, Andrew Holland, CEO of Avendus Capital is optimistic on the global scenario.
In the last 3 months purchases by domestic mutual funds have more than offset foreign institutional investor outflows. It is tempting to assume that persistent domestic inflows into the equity market are likely to keep the market strong, Neelkanth Mishra of Credit Suisse says.
However, analysis of past market trends suggests that flows only temporarily impact prices, he feels. Instead, changes to earnings estimates have a stronger influence, and on those we remain cautious, Mishra says.
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The market has opened in green Tuesday. The Sensex is up 51.43 points or 0.2 percent at 27339.60 and the Nifty is up 16.10 points or 0.2 percent at 8428.90. About 689 shares have advanced, 192 shares declined, and 174 shares are unchanged.
SBI, ITC, TCS, Tata Motors and ONGC are top gainers while Reliance, Hero MotoCorp, Tata Steel, Lupin and M&M are losers in the Sensex.
The Indian rupee opened flat at 68.09 per dollar on Tuesday against previous close 68.10. The pound remained weak ahead of British Prime Minister Theresa May's speech on Brexit plans due later today. The dollar strengthened against a basket of currencies.
Global investors are awaiting UK PM Theresa May's Brexit speech. According to reports, May will lay out plan to exit the European Union that would see Britain lose access to the bloc's single market.
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