Market close: Nifty 50, Sensex fall for second consecutive session amid weak global cues
Nifty 50 today: Domestic market benchmarks the Sensex and the Nifty 50 closed in the negative territory for the second consecutive session on Thursday, October 19 amid weak global cues. Top Asian peers, including Japan's Nikkei, China's Shanghai Composite Index and Hong Kong's Hang Seng fell about two per cent each while in Europe, the UK's FTSE, Germany's DAX and France's CAC fell up to a per cent during the trade as investors remained worried over the prospects of an escalation of the Israel-Hamas war into a bigger regional crisis.
The Israel-Hamas war is keeping investors nervous, particularly after an explosion at Gaza's Al-Ahli al-Arabi hospital on Tuesday. As reported by Reuters, "Palestinian officials said the explosion killed 471 people and blamed on what they said was an Israeli air strike.
Israel and the US said the cause was a failed rocket launch by Islamist militants in Gaza who denied responsibility." Moreover, a sharp spike in the US 10-year Treasury yields ahead of Federal Reserve Chair Jerome Powell's remarks also dealt a blow to equities. Federal Reserve Chair Jerome Powell will share his views on the economy before the Economic Club of New York, later today.
“The prospect of no rate cuts any time soon from the Fed has driven 10-year Treasury yields to almost 5%, the most in 16 years, while undermining stocks," reported Reuters. “Prices for US Treasuries, meanwhile, fell for a fourth day, pushing the yield on the benchmark 10-year note up another 6 basis points to 4.962%, putting it on track for a weekly rise of 34 bps, the biggest one-week increase since April 2022." the Reuters report added.
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