GIFT Nifty clocks record single-day trade of $16.76 billion
The GIFT Nifty, an index traded on the NSE IX, reached a record-breaking single-day trading of 4,27,925 contracts on Tuesday (November 28). It clocked a turnover of $16.76 billion (approximately Rs. 1,39,766 crore). This impressive milestone not only exceeded its previous record of $15.25 billion set on September 26, 2023, but also hit the highest open interest of $13.51 billion. The GIFT Nifty has experienced significant growth since its full-scale operations began on July 3 this year.
Exponential growth in turnover since full-scale operations
Previously known as SGX Nifty and traded on the Singapore Stock Exchange, the security was rebranded as GIFT Nifty and moved to NSE IX. Since its inception, the index has seen a cumulative volume of more than 7.87 million contracts with a total turnover of $304.07 billion. NSE IX, a subsidiary of the National Stock Exchange, is an international multi-asset exchange located at GIFT City and recognized by the International Financial Services Centre Authority.
NSE IX offers a diversified product portfolio
NSE IX offers a diverse range of products. They include Indian single stock derivatives, depository receipts, commodity derivatives, index derivatives, currency derivatives, as well as global stocks.
A look at GIFT Nifty's figures
Today, GIFTY Nifty opened at 20,000.50 on the NSE, and climbed 0.08% to end at 20,157.00. The main difference between GIFT Nifty and the Nifty 50 index, is that the former is traded in US Dollar. This makes it simpler for foreign traders to trade in the index, and also permits local investors to hedge their exposure to the Indian Rupee (INR).
