GIFT Nifty completes one year of rebranding from SGX Nifty; turnover until July 1 at $885.21 billion

With the introduction of GIFT Nifty one-year back there was a key change in the country’s financial trading domain. And the transition from the earlier SGX Nifty benchmark to GIFT Nifty aligned with the country’s larger financial sector development objectives. 

Furthermore, with it SGX Nifty was moved to the NSE IX under the International Financial Services Center Authority (IFSCA) regulatory framework starting July last year.

Since then, the GIFT Nifty contract until July 1, 2024 has registered an increase in the open interest by 43 per cent. Open interest (OI) is a technical indicator in the stock market that is suggestive of the total number of open contracts for a particular security at the end of a trading day. The metric helps traders in understanding market sentiment and predicting price movements.

Furthermore as per Zee Business research inputs, total volume in the contract has reached 21.15 million until July 1, while turnover in the contract has scaled to $885.21 billion. In June, the GIFT Nifty logged its highest-ever monthly turnover of 21.23 lakh contract amounting to Rs 7,97,714 crore or US $95.55 billion.

What is GIFT Nifty?

Gift Nifty is a futures contract tracking the performance of the top 50 companies on the NSE Nifty 50 index. The benchmark provides an early indication of how the Nifty may perform going ahead in the trading day. The contract trades on the NSE IX or NSE International Exchange in GIFT City, Gandhinagar, Gujarat for 20 hours per day.