BIZ DESK

The key domestic stock indices today ended more than half a percent down. The BSE Sensex closed below 65,900 mark while the NSE Nifty ended below 19,700 level. Both indices fell amid negative cues from global share markets.

The Sensex declined by 551 points, or 0.83 percent to finished at 65,877. The NSE Nifty also slipped by 140 points, or 0.71 percent to settled at 19,671.

This downturn could be attributed to growing concerns about an escalation of the Israel-Hamas conflict.

Concerns are growing that the ongoing Israel-Hamas conflict may escalate into a larger regional crisis, potentially involving other nations. Such a development could lead to an increase in crude oil prices due to disruptions in production and supply. This, in turn, might impede efforts to curb inflation and even have ramifications for global economic growth.

“Whether this conflict remains limited to a confrontation between Hamas and Israel or escalates into a broader regional conflict involving Iran’s proxy armed groups, notably Hezbollah, will have significant implications,” Reuters quoted Hamza Meddeb, director of the political economy programme at the Malcolm H. Kerr Carnegie Middle East Center in Beirut, saying so.

Apart from the Israel-Hamas war, investors also keep an eye on Q2 earnings and macroeconomic indicators.

Nifty 50 today opened at 19,820.45 against the previous close of 19,811.50 and touched its intraday high and low of 19,840.95 and 19,659.95 respectively. The index closed with a loss of 140 points, or 0.71 per cent at 19,671.10.

The Sensex opened at 66,473.74 against the previous close of 66,428.09 and touched its intraday high and low of 66,475.27 and 65,842.10 respectively. It ended the day at 65,877.02, down 551 points, or 0.83 per cent.

The BSE Midcap index fell 0.85 per cent while the Smallcap index ended with a loss of 0.32 per cent.

The overall market capitalisation of the firms listed on the BSE dropped to nearly ₹321.4 lakh crore from ₹323.8 lakh crore in the previous session, making investors poorer by about ₹2.4 lakh crore in a single session.