Gift Nifty is an umbrella brand that includes four products- Gifty Nifty50, Gift Nifty Bank, Gift Nifty Financial Services and Gift Nifty IT derivative contracts. NSE plans to launch other indices gradually.
(Gift City -Gujarat International Finance Tec-City- is in Gandhinagar, Gujarat. It is an intentional financial services centre which also hosts other businesses like IT and ITeS along with a social ecosystem. The government intends to develop as a competitor of other global financial centres like Dubai, Mauritius, and Singapore.)
“This significant development not only fortifies GIFT City’s stature as a fast-emerging global financial hub, but also aligns impeccably with the visionary aspirations of Hon’ble Prime Minister, Shri Narendra Modi, to position India at a preeminent position in international finance. It stands as a testimony to our unwavering commitment to onshore international financial services activities from offshore, within GIFT City’s realm.
The extension of trading hours and the exclusive trading of US dollar-denominated Nifty derivatives on NSE International Exchange will attract discerning global investors while propelling economic growth at an accelerated pace. By facilitating seamless access to global markets and fostering a culture of innovation, this momentous development will undeniably catalyse India’s emergence as a vibrant financial powerhouse.”
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hange in tradition
NSE’s subsidiary NSE IFSC Limited (NSE International Exchange), or NSE IX, based in Gifty City, Gujarat is the new home for Nifty derivatives contracts. All open positions of Nifty derivatives trade were shifted to NSE International Exchange.
While SGX Nifty traded for 16 hours from 6:30 am IST till 10:30 pm IST, Gift Nifty will operate for 21 hours. The trading window at Gift Nifty will be divided into two sessions- the first session from 6.30 am to 3.40 pm and the second session from 4.35 pm to 2.45 am the following morning.
Impact on traders
This change is just a migration of Nifty derivatives contracts to one location from another and and it does not impact the contracts.
Where to check data
Gifty Nifty began its operations on NSE International Exchange (NSE IX) in Gandhinagar, Gujarat. Earlier, traders would look at SGX Nifty before opening to get a cue about the Indian market . Now, they would look at NSE International Exchange .
- Gift Nifty trading hours are divided into two trading windows – a morning window that starts at 6.30 am and ends at 3.40 pm, and the evening window, which begins trading at 4.35 pm and closes at 2.45 am IST.