Market Closing: Sensex, Nifty End Higher Led By IT Stocks

After a sluggish start in the morning, the market's mojo returned as benchmark indices soared to new highs, with the Nifty leaping beyond the 16,300-mark during intra-day.

On August 5, despite the volatility, benchmark indices closed the day in the green.

The Sensex ended the day up 123.07 points, or 0.23 percent, at 54,492.84, while the Nifty ended the day up 35.80 points, or 0.22 percent, at 16,294.60.

Even though banks and financial companies remained under pressure, India's equity indices, the Sensex and Nifty, reached new highs on Thursday. Smallcap and midcap indexes, as well as broader markets, are under selling pressure. PSU Bank, financial services, and real estate indexes all plummeted the most, while IT, metal, and pharmaceutical stocks rallied. The Nifty IT index is up over 1%.

Strong profits from Novo Nordisk and Siemens helped European markets to new highs on Thursday, outweighing weakness in miners and banking firms, as investors awaited the Bank of England's policy announcement later in the day.

Tejas Networks' open offer will begin on September 23, with Tata Sons and others buying 26 percent of the company; the stock has reached a new 52-week high.

The Indian rupee is unchanged at 74.19 per dollar, despite buying in the domestic stock market. It began at 74.16 cents per dollar, unchanged from the previous close of 74.18 cents.

The market has reacted positively to State Bank of India's first-quarter earnings, with the bank managing to keep the stress in its loan book under control better than most experts had predicted. SBI has seen incremental slippages of Rs 3,78,802 crore versus incremental loan growth of Rs 4,47,799 crore from FY17 to Q1FY22.

Oil prices fell below $70 a barrel on Thursday as more countries implemented new mobility restrictions in response to an increase in COVID-19 cases, despite support from Middle East tensions.