Indian shares extended gains on Tuesday, lifted by consumer stocks after data showed domestic inflation was easing and oil refiners rose on the government's cut on a windfall tax on crude oil.
"The Nifty is in a range of 17,800 - 18,200 as even with positive domestic cues like inflation slowing and corporate results so far being good, the market is bothered by continuous selling by foreign investors," Neeraj Dewan, director at Quantum Securities.
Domestic valuations are not cheap after India outperformed major global benchmarks last year, and with China re-opening its borders, funds are getting reallocated to those markets where valuations are relatively attractive, analysts said.slumped 19.8%. Meanwhile, foreign institutional investors extended their selling streak for the seventeenth day in a row - the longest run in six months -In domestic trading, fast-moving consumer goods
stocks advanced 1.3% and were the best performers among other sectors on hopes that pressure on their margins would ease after data showed India's retail and wholesale prices in December moderated.Oil and gas stocks
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