Understanding GIFT NIFTY and Its Trading
From July 3rd, GIFT NIFTY started trading in GIFT City in Gujarat. But what is GIFT NIFTY? Why is it important? And why did it have a flat start? Let’s understand.
First, what is GIFT NIFTY?
Earlier known as the Singapore Exchange (SGX) NIFTY, GIFT NIFTY is a cross- border initiative that connects the capital markets of India and Singapore. SGX NIFTY now GIFT NIFTY is often a great indicator of how the NIFTY market will open the next day.
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It includes four things- GIFT Nifty 50, GIFT Nifty Bank, GIFT Nifty Financial Services and GIFT Nifty IT derivatives contract.
It is a five year contract where NSE and SGX will share business on a 50:50 basis after achieving a certain “threshold” volume.
Ashish Chauhan, MD and CEO of the National Stock Exchange said “GIFT Nifty is an important milestone for GIFT IFSC and its outreach towards foreign investors and enhancing the capital market ecosystem in GIFT City… Over the past two decades, SGX has been our bridge to the world. It has linked two of the fastest growing economies of the world.”
Red Century by Gift nifty !!! 🚨🚨
Short/PE Put holders can RT 🔄 this post.#giftnifty #nasdaq #fomc #dowjones #stockmarket #stockmarkets #stockmarketindia #nifty50 pic.twitter.com/Va5Aa8H1Ny— GIFT Nifty (@GiftNiftylive) July 6, 2023
Why was GIFTY NIFTY trading low?
The first day of trading saw almost 30,000 trades in a single session. GIFT NIFTY was trading in the red, indicating that Indian markets would also have a negative start.
#CNBCTV18Market | GIFT Nifty lower, trading at a discount of more than 40 points from Nifty Futures Thursday close, Indicates a start in the red for the Indian market pic.twitter.com/h35RL3AwI2
— CNBC-TV18 (@CNBCTV18Live) July 7, 2023
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The GIFT NIFTY runs in two sessions- From 6 :30 am till 3:40 pm in Asia time zone and the second session from 4:35 pm to 2:45 am (next day) . The two sessions allow it to target investors from Asia as well as Europe and America.
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