All-time high! BSE's India INX single day trading turnover crosses Rs 74,509 crores

The India International Exchange (IFSC) Limited (India INX), India’s first international exchange based in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City), witnessed an all-time high trading turnover of over USD 10 bn (INR 74,509 crores approx.) on its derivative segment in daily trading turnover on November 17, 2020 with a market share of over 91% in GIFT IFSC.

Trading turnover on the BSE’s India International Exchange has been growing exponentially ever since it commenced trading activities on January 16, 2017. Its average daily trading turnover has crossed over USD 6.50 bn (INR 48,442 crores approx.) mark in the month of Nov 2020, a 20.23% growth in average daily trading turnover as compared to previous month. The cumulative trading turnover has crossed the USD 1.33 trillion (INR 99,11,750 crores) mark driven by a substantial jump in market participation. This increased trading activity validates the new products and initiatives taken by India INX and reflects growing interest in the IFSC among the broking fraternity. Even during the Covid-19 pandemic and lockdown, India INX was operational for 22 hours nonstop and has maintained its leadership as the No. 1 exchange in IFSC GIFT City.

The exchange provides a common platform for all asset classes - equities, currencies, commodities. India INX is one of the world’s most advanced technology platforms with a turn-around time of 4 micro seconds and operates for 22 hours a day to allow international investors to trade from anywhere across the globe. India INX offers a diversified portfolio of products and technology services at a cost which is more competitive to Indian exchanges; as well as other global exchanges like those in Hong Kong, Singapore, Dubai, London and New York.

The exchange being located in IFSC, GIFT City, provides competitive advantage in terms of tax structure and supportive regulatory framework. These include benefits in security transaction tax, commodity transaction tax, dividend distribution tax and long-term capital gain tax waivers and no income tax.

Equity benchmark Sensex surged 315 points to close at a fresh lifetime high on Tuesday, driven by heavy buying in metal, industrials, banking and finance stocks.

Meanwhile, after touching its all-time peak of 44,161.16 during the session, the 30-share BSE index settled 314.73 points or 0.72 per cent higher at 43,952.71. Similarly, the broader NSE Nifty touched a fresh intra-day high of 12,934.05. It finally finished 93.95 points or 0.74 per cent up at its closing record of 12,874.20.

Tata Steel was the top gainer among the Sensex constituents, surging around 6 per cent, followed by SBI, HDFC Bank, Bajaj Finance, Axis Bank, LT, Maruti, IndusInd Bank and HDFC. On the other hand, NTPC, HCL Tech, ONGC, Infosys, ITC, PowerGrid, and Hindustan Unilever were in the red.

Elsewhere in Asia, bourses in Shanghai and Seoul ended in the red, while Hong Kong and Tokyo closed with gains. Stock exchanges in Europe were trading on a mixed note in early deals.