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Ahead of its earnings, the stock on Monday ended 0.5% down at Rs 789.25 on the NSE. Recently, it was downgraded by some brokerages in view of the sharp rally in the stock. In 2022, the stock has given 18% returns when benchmark Nifty 50 gave about 4% returns

“The RBI has the luxury of raising rates or deferring it as inflation is cooling off and growth is stable. The market will be looking forward to the guidance on the borrowing program of FY24,” said Nilesh Shah, managing director of Kotak Mahindra AMC.

“Everywhere we have tried to be realistic. And that is why when people ask me, have you reduced your Budget on some things? No, we have been realistic. Absorption is also a very important indicator of where your money will be well received. There is no point in giving money in every head because it exists.”

The Dow Jones Industrial Average fell 51.57 points, or 0.15%, at the open to 33,874.44

A host of companies including Airtel, Adani Green, Hero MotoCorp among others will announce their third quarter results on Tuesday. >> For more such web stories click on the ET icon below

In the last Fed policy meeting, a 25 basis points rate hike was announced with a less hawkish tone. However, US job market data and comments from Fed officials scheduled this week will be very important to watch for.

The Nifty Pharma index closed 0.07 per cent up at 12193.1.

The recent price action on the benchmark front indicates uncertainty among participants and that might continue in the near term. Traders should thus maintain their focus more on identifying opportunities in the sectors that are showing resilience. However, it’s easier said than done as we’re seeing restricted participation. Also, managing overnight risk is equally important citing the prevailing volatile scenario

Transmission business revenue growth was driven by newly commissioned JKTL and WRSS XXI (A) and recently commissioned lines. Distribution revenue increased on account of a consistent uptick in energy demand," the company said in a release.

With the prepayments, pledged shares in Adani Ports and SEZ, Adani Transmission, and Adani Green Energy will be released, the group said in a statement.