Israel continued for the second day. Israel pounded targets in Gaza after militants launched a surprise attack in the early hours of Saturday, which was a major Jewish holiday.
At least 256 Palestinians were killed over the past 24 hours, including 20 children, CNN reported, citing Palestinian Ministry of Health in Gaza. A further 1,788 Palestinians have been injured, the ministry said in a statement.
On the Israeli side the toll has crossed 300, including 26 soldiers, Jerusalem Post reported.
Times of Israel, citing an unofficial report, reported that approximately 750 Israelis are currently missing.
In one of the deadliest attack on Israel, Hamas militants fired thousands of rockets and sent dozens of fighters into south Israeli towns near the Gaza Strip in surprise early morning attack. According to reports, Hamas militants are still fighting gunbattles inside several Israeli communities more than 24 hours after the incursion began.
The militants have also taken an unknown number of Israeli soldiers and civilians as hostage and taken them into Gaza, an enormously sensitive issue for Israel.
The ferocity and sophistication of attack has shocked Israel. Reports said that Hamas fighters used explosives to blow up the border fence enclosing Gaza and then crossed into Israel on motorcycles, pickup trucks, paragliders and speed boats on the coast.
Israeli Prime Minister Benjamin Netanyahu in a televised address asked Israelis to brace for a long war, declaring a mass army mobilization.