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Other emerging Asian currencies also declined, after Federal Reserve officials sought to push back against the dovish interest rate outlook that investors are pricing in.

“We have seen almost a vertical rally and now it is very good if the market consolidates here with 1% deviation up and downside. That would be the texture of the market right now. The market right now is in no trade zone, wherein you do not have a decisive trend, but the market is consolidating and that is the view on the indices.”

“The objective is how do we provide clean power as well as how do we provide affordable power to the consumer. The solutions that we have got are unique solutions. Our cost of generation from pumped hydro will be much lower than any Greenfield project. The time for construction will be much lower. So we have a good solution.”

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The rally helped IT stocks shed the tag of underperformers as the Nifty IT index’s 1-year gains jumped to 24%, outclassing all its sectoral peers. The broader Nifty’s 12-month gains stand at 16%.

“Inclusion in the JP Morgan bond index will mean that the flows from there are view agnostic. So whether rates are going up or down, we will see the flows come in. Quite apart from that will be the monetary policy moving from a tight monetary policy to a much easier monetary policy. It looks like next year these are the two major events we need to watch out for in 2024.”

The dividend of Rs 11 a share will result in a cumulative payout of Rs 4,089 crore, the company said in an exchange filing. The company’s board will be meeting again on Tuesday to consider and approve fundraising through the issue of non-convertible debentures.

“I will start a flexible recurring deposit or a liquid fund or a short duration fund, where I am setting aside these amounts as and when they are available to me because these are flexible contributions that I can make and I can set it aside for a short term.”

Nifty Banks and Financial Services lost 0.6% and 0.4%, respectively, after rising 2% each in the last two sessions. Information technology stocks fell 0.3%, snapping a two-session rally in which the index rose about 8%.