The SGX Nifty, a popular index that is used to predict the opening trends of Indian shares, is being rebranded as the GIFT Nifty. The GIFT Nifty Live will start trading today, July 3, on the NSE International Exchange (NSE IX) in the GIFT City in Gandhinagar, India.
The GIFT Nifty is a dollar-denominated index that tracks the performance of the Nifty 50 index. It will be available for trading in two sessions: the first session will start at 6:30 AM India time and go on until 3:40 PM, and the second session will begin at 5 PM and conclude at 2:45 AM.
The GIFT Nifty is expected to have daily volumes of $1.5 billion to $2 billion. This is significantly lower than the daily average turnover of $3.9 billion and average open interest of $9.6 billion that the SGX Nifty had in 2022. However, the government is confident that the GIFT Nifty will eventually grow in popularity and become a major trading venue for Indian shares.
The launch of the GIFT Nifty is a significant development for the Indian financial markets. It is a step towards making India a more attractive destination for foreign investors, and it could help to boost the liquidity of the Indian equity market.
- The GIFT City is a new financial hub that is being developed in Gujarat, India.
- The NSE IX is a new exchange that is being set up by the NSE in the GIFT City.
- The GIFT Nifty is expected to be more tax-efficient for foreign investors than the SGX Nifty.
Imp Note: Track Gift Nifty Live Price, Global Market data and FII DII Today Activity to setup for your Intraday/next day trading plan. Also track Global Events like RBI Repo Rate, US Inflation and India WPI inflation to setup your positional trades.