Market close: Nifty 50, Sensex fall for third consecutive session amid weak global cues; mid, smallcaps outperform
Israel-Hamas war. If the war escalates further and spreads to other countries, it will shoot up crude oil prices and also deal a severe blow to the global economy which is already struggling thanks to continuous rate hikes due to a sharp rise in inflation led by the Russia-Ukraine war in the post Covid-19 pandemic world. "Top US officials warned on Sunday that the war could escalate into a wider conflict across the Middle East.
US Secretary of State Antony Blinken arrived in Israel on Thursday and has also been to Qatar, Jordan, Bahrain, United Arab Emirates, Saudi Arabia and Egypt in a bid to limit the spread of the conflict," reported Reuters. Geopolitical concerns are the prime force guiding the markets now. Apart from the ongoing Israel-Hamas war, inflation, interest rates and quarterly earnings remain important triggers for the market.
(Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Nifty 50 today opened at 19,737.25 against the previous close of 19,751.05 and touched its intraday high and low of 19,781.30 and 19,691.85 respectively. The index closed at 19,731.75, down 19 points, or 0.10 per cent.
The Sensex opened at 66,238.15 against the previous close of 66,282.74 and touched its intraday high and low of 66,342.75 and 66,039.38 respectively. The Sensex finally shut shop at 66,166.93, down 116 points, or 0.17 per cent. Mid and smallcaps, however, bucked the trend and ended with decent gains.
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