Parul
The GIFT Nifty Index, operating within the exclusive financial hub of GIFT City in Gujarat, has achieved a significant milestone. On September 26, 2023, the GIFT Nifty Index experienced an unprecedented surge in daily trading activity, with a remarkable 386,350 contracts traded, resulting in an astonishing turnover of USD 15.25 billion (equivalent to Rs 1,26,930 crore). This remarkable feat surpasses its previous record of $12.98 billion, which was established on August 29, 2023.
GIFT Nifty started full-scale operations on July 3, 2023, and has consistently witnessed growth in trading turnover on the NSE International Exchange (NSE IX) ever since. Since its full-scale launch, GIFT Nifty has accumulated a trading volume exceeding 4.59 million contracts, with a total turnover of US$178.54 billion.
In response to this significant achievement, the GIFT Nifty organisation expressed their gratitude, stating, “We are glad to witness the success of GIFT Nifty and express our sincere gratitude to all the participants for their overwhelming support and making GIFT Nifty a successful contract,”
For context, SGX Nifty index, previously used to gauge early signals of the Indian markets, was renamed GIFT Nifty in July. This renaming coincided with the relocation of this index from Singapore to the NSE International Exchange (NSE IX) located within GIFT City, Gujarat. Consequently, all contracts for this index are now traded on NSE IX, an international multi-asset exchange within GIFT City. NSE IX offers a diverse range of trading products, including Indian single stock derivatives, index derivatives, currency derivatives, depository receipts, commodity derivatives, global stocks, and more.
It’s noteworthy that GIFT City, under the leadership of Gujarat Chief Minister Bhupendra Patel, has witnessed a series of positive developments in recent months, including the remarkable achievements of GIFT Nifty. As part of the state’s ambitious agenda, the Vibrant Gujarat Global Summit 2024 is scheduled to take place in the coming months. The impressive growth and numerous projects in GIFT City, combined with the continually rising statistics of GIFT Nifty, are poised to greatly benefit the 10th edition of the Vibrant Gujarat Summit.
