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What is Gift Nifty?
The Gift Nifty Index is a U.S. dollar-denominated futures contract based on India’s Nifty 50 Index, traded on the NSE International Exchange in GIFT City, Gujarat. Launched on 3 July 2023 to replace SGX Nifty, it offers nearly 21 hours of trading and serves as a global indicator of Indian market sentiment.
How Does GIFT Nifty Work?
GIFT Nifty functions as a futures derivative, tracking the performance of the Nifty 50, India’s benchmark equity index comprising 50 top NSE-listed companies.
It uses the free-float market capitalisation method to replicate Nifty 50 movements. This means price changes in GIFT Nifty reflect the expected direction of the Indian market before and during trading hours.
Traders use GIFT Nifty to:
- Hedge positions against market volatility
- Speculate on Nifty 50’s future movement
- Monitor global sentiment impacting Indian equities
Timings of GIFT Nifty
One of GIFT Nifty’s biggest advantages is its extended trading hours, allowing investors to react to global events as they unfold.
Trading sessions (IST):
- Session 1: 6:30 a.m. – 3:40 p.m.
- Break: 3:40 p.m. – 4:35 p.m.
- Session 2: 4:35 p.m. – 2:45 a.m. (next day)
With nearly 21 hours of trading, GIFT Nifty overlaps Asian, European, and U.S. market hours, providing almost continuous market coverage.
Who Trades in GIFT Nifty?
GIFT Nifty is traded mainly by institutional investors, foreign portfolio investors (FPIs), and qualified international traders through the NSE International Exchange in GIFT City. Indian retail investors generally cannot trade directly, unless they meet specific regulatory requirements or participate via eligible broker memberships.
What is the GIFT Nifty Formula?
The Gift Nifty formula mirrors the Nifty 50 index calculation:
Index Value = Free-float market capitalisation of constituents/ Index divisor
This ensures both indices move in close correlation, making GIFT Nifty an accurate offshore indicator of Indian equity trends.
The GIFT Nifty formula follows the same free-float market capitalisation method as the Nifty 50 Index. It is calculated by dividing the combined free-float market value of its 50 constituent companies by a predetermined index divisor, ensuring movements closely mirror the Nifty 50’s performance.
Gift Nifty vs SGX Nifty: Key Differences
Gift Nifty and SGX Nifty differ mainly in trading venue, currency, regulation, and trading hours. SGX Nifty traded in Singapore dollars on the Singapore Exchange under MAS regulation. Gift Nifty trades in U.S. dollars on NSE International Exchange in GIFT City, India, under IFSCA, with extended 21-hour trading.
| Feature | SGX Nifty | Gift Nifty |
| Venue | Singapore Exchange (SGX) | NSE IX, GIFT City |
| Currency | SGD | USD |
| Regulator | MAS (Singapore) | IFSCA (India) |
| Hours | ~16 hours | ~21 hours |
| Status | Discontinued (July 2023) | Active |
Key change: On 3 July 2023, all open positions in SGX Nifty were shifted to GIFT Nifty. This migration brought the product under Indian jurisdiction, boosting liquidity and domestic market oversight.
Why Traders Monitor GIFT Nifty
Traders monitor GIFT Nifty because it acts as a pre-market indicator for India’s Nifty 50, reflecting global market sentiment nearly 21 hours a day. Its extended trading hours allow hedging, early reaction to international events, and insight into expected market direction before NSE opens.
For professional traders, GIFT Nifty is not just an index future, it’s a market sentiment gauge.
- It offers pre-market cues before NSE’s cash market opens.
- Its extended hours capture overnight global events affecting Indian stocks.
- It enables hedging strategies during international market volatility.
Example: If U.S. markets drop sharply overnight, GIFT Nifty often reflects that sentiment well before the Indian market opening bell.
Recent Performance and Milestones
- May 2025: Record monthly turnover of USD 102.35 billion
- Cumulative since launch: Over USD 1.93 trillion traded
- Debut day turnover: Exceeded USD 1.2 billion
These figures highlight GIFT Nifty’s growing role in global trading of Indian equities.
Conclusion
The Gift Nifty Index has quickly become an essential tool for global investors and traders tracking Indian equities. With extended trading hours, U.S. dollar settlement, and strong liquidity, it bridges time zones and offers valuable insights into Nifty 50 movements before and after NSE trading hours.
For traders aiming to leverage GIFT Nifty for market analysis, risk management, or early entry signals, partnering with a regulated and reliable broker is key. Ultima Markets provides advanced trading tools, real-time market data, and competitive execution speeds, empowering you to trade GIFT Nifty and other global instruments with confidence.
Disclaimer: This content is provided for informational purposes only and does not constitute, and should not be construed as, financial, investment, or other professional advice. No statement or opinion contained here in should be considered a recommendation by Ultima Markets or the author regarding any specific investment product, strategy, or transaction. Readers are advised not to rely solely on this material when making investment decisions and should seek independent advice where appropriate.
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Trading leveraged financial products, including Contracts for Difference (CFDs), carries a high level of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors and should only be traded with funds you can afford to lose. You do not own or have any rights to the underlying assets of these derivatives (e.g., entitlement to dividends). Please ensure you fully understand the associated risks. Before trading, consider your level of experience, investment objectives, and seek independent financial advice if necessary. Refer to our legal documents and disclosures before making any trading decisions.
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