Nifty 50 and Sensex: Investors continue to be wary of riskier stocks out of concern for an economic impact from the Israel-Hamas conflict. If the conflict worsens and spills over to other nations, the price of crude oil will skyrocket, dealing a serious blow to the world economy, which is already struggling as a result of ongoing interest rate hikes brought on by a sharp rise in inflation.
“Top US officials issued a warning on Sunday that the crisis might intensify and spread to other parts of the Middle East. In an effort to stop the war from spreading, US Secretary of State Antony Blinken visited Qatar, Jordan, Bahrain, the United Arab Emirates, Saudi Arabia, and Egypt, according to Reuters. He also traveled to Israel on Thursday. – Nifty 50 and Sensex
At the moment, geopolitical concerns are the main factor driving the markets. Aside from the continuing Israel-Hamas conflict, the market continues to be heavily influenced by quarterly earnings, inflation, and interest rates.
Nifty 50 touched its intraday high and low of 19,781.30 and 19,691.85, respectively, as it opened today at 19,737.25 compared to the previous close of 19,751.05. The index dropped 19 points, or 0.10 percent, to settle at 19,731.75.
In contrast to the previous close of 66,282.74, the Sensex began at 66,238.15 and reached its intraday high and low of 66,342.75 and 66,039.38, respectively. Eventually, the Sensex closed at 66,166.93, down 116 points or 0.17 percent.
Contrary to the trend, mid and small-caps closed with respectable gains. The BSE Smallcap index ended 0.34 percent higher than the BSE Midcap index, which closed up 0.25 percent.
Additionally, 336 equities on the BSE, including Maruti, Tata Motors, Coal India, Federal Bank, Lupin, and Shree Cement, reached new 52-week highs during the intraday session.
While investors were paying attention to the Israel-Hamas conflict, the benchmark crude oil price, Brent Crude, traded above the $90 per barrel level.
According to Bloomberg data, the rupee closed the day Monday at 83.28 to the dollar, down one piastre.
