GIFT Nifty Hits Lifetime High Riding On Bulls, Bags Single-Day Turnover Of Rs 1.40 Lakh Crore

The GIFT Nifty, formerly known as SGX Nifty, has soared to fresh record heights, achieving a single-day trading turnover of $16.76 billion (around Rs 1,39,766 crore) and scaling an all-time high of 4,27,925 contracts on November 28, as announced by NSE IX in a recent release.

This milestone surpassed the previous single-day trading record of $15.25 billion set on September 26, 2023, and also marked the highest open interest at $13.51 billion, exceeding the previous record of $12.75 billion on November 27, 2023.

Since its full-scale operation commencement on July 3, 2023, the GIFT Nifty has witnessed exponential growth in trading turnover on the NSE IX. The cumulative volume has now surpassed 7.87 million contracts, with a total turnover of $304.07 billion.

Before its rebranding and shift to NSE IX, GIFT Nifty was traded as SGX Nifty on the Singapore Stock Exchange. Traders commonly use this security to speculate on the Nifty's daily opening performance.

NSE IX, a subsidiary of the National Stock Exchange, operates as an international multi-asset exchange at GIFT City and is recognized by the International Financial Services Centre Authority. Offering a diversified portfolio, NSE IX features Indian single stock derivatives, index derivatives, currency derivatives, depository receipts, commodity derivatives, and global stocks.

The key differentiator between GIFT Nifty and the Nifty 50 index lies in the former being traded in US Dollars. This characteristic not only simplifies trading for foreign investors but also allows local investors to hedge their exposure to the Indian Rupee (INR).

Today, GIFT Nifty opened at 20,000.50 on the NSE and exhibited a 0.08% climb, concluding the trading day at 20,157.00.

GIFT Nifty's migration from SGX Nifty to NSE IX has proven to be a strategic move, evident in the remarkable surge in trading activity. Traders and investors are increasingly drawn to the index due to its performance and the advantages offered by its USD denomination.