The benchmark stock indices beat a retreat after scaling fresh peaks on Friday as investors booked profits and global sentiment remained muted as the minutes of the last US Fed meeting have raised the possibility of US rates staying “higher for longer” period.

After jumping to 75636.50, a new record, the Sensex settled lower at 75410.39, down 0.01 per cent. The broader Nifty crossed the 23000 mark for the first time to hit 23026.40 but lost ground to end 0.04 per cent lower at 22957.10 points.

Analysts said stocks are consolidating at the present levels, though there could be more volatility ahead as the general elections enter the last leg.

Stability is expected to return only after the results are announced on June 4 where the focus of attention will be the number of seats of the winning alliance.

``The indices closed near flat after a week of volatile trading, treading cautiously ahead of the last leg of the elections and the results thereafter, Joseph Thomas, head of research, Emkay Wealth Management, said.

“Markets will be under the spell of these fleeting factors till the votes are counted and there is some kind of confirmation on the continuity in the policies,’’ he said.

APSEZ in Sensex

Adani Ports and Special Economic Zone (APSEZ) will replace IT major Wipro in the 30-share BSE Sensex from June 24, according to an official announcement on Friday.

This marks the first inclusion of any Adani Group firm in Sensex.

The group has 10 listed firms with a combined market valuation surpassing ₹17 lakh crore.

The changes will be effective from June 24, 2024, Asia Index, a joint venture between S&P Dow Jones Indices and BSE, said in a statement adding that the replacement is a part of periodic review.

The Adani Ports stock fell 1.89 per cent or ₹27.25 to ₹1415.75 on the BSE on Friday.

Economy on a roll

The economy is expected to maintain its momentum in the first quarter despite geopolitical tensions and volatile commodity prices, a report by the finance ministry said.

The report, citing high-frequency indicators such as GST collections and digital transactions, suggests the economy is strengthening.

Rising manufacturing capacity utilisation and increased private sector investment announcements bolster this view.

Foreign exchange reserves remain comfortable, and the rupee has shown relative stability, while fiscal consolidation plans, coupled with robust capital spending by the government, addresses concerns about debt sustainability.

Retail inflation has also fallen to an 11-month low of 4.83 per cent in April.

Government initiatives to stabilise the prices of essential food items, including their open market sale, stock monitoring and trade policy measures, are helping to stabilise food prices.