Sensex Surges 72.56 Points Higher, Nifty 50 Hits 23,928.95

Stock Market Opening Bell: The Indian stock market benchmark indices, Sensex and Nifty 50, opened in green on Thursday, July 9, amid short-covering after a selloff witnessed in the last session as investors remain cautious over the fresh US-Iran war tensions and rising crude oil prices.

The trends on Gift Nifty has signalled a positive opening for the Indian benchmark bourses. The Gift Nifty was trading around 23,980 level, a premium of nearly 68 points from the Nifty futures’ previous close.

On Wednesday, the Indian stock market ended lower, amid fresh strikes between US and Iran, which also weighed in on crude oil prices, with the benchmark Nifty 50 slipping below 23,900 level.

The Sensex had declined 2.15%, to close at 76,503.60, while the Nifty 50 settled2.12%, lower at 23,882.05.

IPO In Focus On July 9

Kusumgar's initial public offering was subscribed 3.45 times on the first day of subscription, largely on the back of the enthusiasm shown by non-institutional investors. 

The shares of Knack Packaging closed nearly 8% higher at Rs 182.98 on the NSE after listing at Rs 188 per share.

Laser Power & Infra raised Rs 223 crores from anchor investors, allotting shares at the upper end of its price band at INR 214 per share. It allotted a total of 10.40 million shares ahead of its initial public offering, set to open Thursday. The company had set the price band at Rs 203- Rs 214 per share. 

Also Read: Crude Oil Prices Surges Over 1% After US-Iran Ceasefire Collapse

Meanwhile, the State Bank of India said its asset management arm SBI Funds Management will launch its initial public offering on Jul. 14, with the issue solely an offer for sale of up to 203.7 million shares by existing shareholders, including the country's largest lender. The price band for the offer is set at Rs 545- Rs 574 per share.