Stock Market Highlights, June 19: Sensex, Nifty end flat; Nifty Bank rises 2%, Axis, HDFC Bank up 3%

Stock market Highlights today, June 19, 2024: The BSE Sensex hit an all-time high of 77,852 in the intraday trade, while the Nifty50 touched 23,664

SI Reporter New Delhi

8:05 AM

Dollar steadies; sterling dips ahead of inflation test

>> The dollar was nursing losses on Wednesday after soft US retail sales data reinforced bets of imminent Federal Reserve rate cuts, while sterling eased a touch ahead of a reading on UK inflation due later in the day.

>> Figures released on Tuesday showed US retail sales barely rose in May and data for the prior month was revised considerably lower, suggesting that economic activity remained lacklustre in the second quarter.

>> That knocked the greenback lower in the immediate aftermath, though its losses were limited against a basket of currencies as the euro, which holds the largest weight in the dollar index , continues to be weighed down by political jitters in France and the wider bloc.

>> The euro was last marginally lower at $1.0738, while the dollar index steadied at 105.28.

Source: Reuters

8:00 AM

The Fed is 'playing with fire' by not cutting rates, says this recession forecaster

>> The Federal Reserve is risking tipping the economy into contraction by not cutting interest rates now, according to the author of a time-tested rule for when recessions happen.

>> Economist Claudia Sahm has shown that when the unemployment rate's three-month average is half a percentage point higher than its 12-month low, the economy is in recession.

>> As the jobless level has ticked up in recent months, the 'Sahm Rule' has generated increasing talk on Wall Street that what has been a strong labor market is showing cracks and pointing to potential trouble ahead.

>> That in turn has generated speculation over when the Fed finally will start reducing interest rates.

>> Sahm, chief economist at New Century Advisors, said the central bank is taking a big risk by not moving now with gradual cuts: By not taking action, the Fed risks the Sahm Rule kicking in and, with it, a recession that potentially could force policymakers to take more drastic action.

Source: CNBC

7:56 AM

Nvidia passes Microsoft in market cap to become most valuable public company

>> Nvidia is now the most valuable public company in the world.

>> Shares of the chipmaker climbed 3.6% on Tuesday, lifting the company’s market cap to $3.34 trillion, surpassing Microsoft, which is now valued at $3.32 trillion.

>> Earlier this month, Nvidia hit $3 trillion for the first time, and passed Apple.

>> Nvidia shares are up more than 170% so far this year.

>> Apple shares fell 1.1% on Tuesday, giving the iPhone maker a $3.29 trillion market value.

7:53 AM

Oil inches up as war jitters outweigh surprise build in US crude stocks

>> Oil rose slightly in early trade on Wednesday as concern over escalating conflict in Europe and the Middle East offset demand worries following an unexpected build in US crude inventories.

>> Brent crude futures for August delivery rose 6 cents to $85.39 a barrel. US West Texas Intermediate crude for June was up 10 cents to $81.67 per barrel.

>> Both benchmarks were up by more than a $1 in the previous session after a Ukrainian drone strike led to an oil terminal fire at a major Russian port, according to Russian officials and a Ukrainian intelligence source.

Source: CNBC