Mixo Das of Nomura says having recommended a bullish stance on Asian equities since Brexit, he now recommends shifting to a neutral stance.
The MSCI Asia ex-Japan index is up 12 percent since the Brexit lows and further gains will not come easy, according to him.
The market has opened flat. The Sensex is at 28,124.45, down 0.1 percent or 27.95 points while Nifty is down 16.65 points or 0.2 percent at 8655.50.
Infosys is down 2 percent from previous close while Tata Motors, HDFC Bank are down. ITC and PowerGrid are up.
The Indian rupee opened marginally higher at 66.85 per dollar on Tuesday versus 66.89 Friday.
On Wall Street on Monday, S&P 500, Dow and Nasdaq stock indexes all closed at all-time highs, gaining 0.3 to 0.6 percent. Brazilian shares .BVSP also hit two-year highs, helped by higher oil prices.
Oil prices hit one-month highs on Monday, gaining 10 percent or more in a three-day rally as speculation intensified over potential producer action to support prices amid a glut of crude.
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