By John Tilak TORONTO (Reuters) - Canada's main stock index advanced on Tuesday as a higher oil price drove gains in the energy sector, and as investors awaited the start of a two-day policymaking meeting of the U.S. Federal Reserve for clues on the direction of its monetary policy. A jump in shares of Encana Corp , after the natural gas producer announced an asset sale, further supported the market. The Toronto market is up about 7 percent this year, and some investors were concerned stock prices may be overvalued. "The battle of wits of whether the market is overvalued or undervalued continues to weigh heavily on investors' psychology," said Michael Newton, a director of wealth management and portfolio manager at ScotiaMcLeod, who recommends a diverse portfolio mix to counter the market volatility.
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