Bharat Iyer of JP Morgan feels equity markets appear fully valued on a near-term basis.
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.