GIFT Nifty derivatives on NSE International Exchange (NSE IX) registered a record first session single day trading activity on July 24, 2023. Over 2.14 lakh contracts were traded with a total value of US$ 8.5 billion.
This development holds immense relevance considering during the first-day full-scale operations, there were just about 33,570 contracts traded involving a turnover of US$ 1.21 billion.
This way, the volume of traded contracts and turnover value have recorded a jump of more than 530% and 600%, respectively.
The trading turnover on NSE IX has been on upswing mode from the time the full-scale operation of the Connect (NSE IX-SGX GIFT Connect) was initiated from the Singapore Exchange (SGX) to NSE IX on July 3, 2023.
Significantly, from the first day of full-scale operations of the Connect , GIFT Nifty has registered a total cumulative volume of about 7.87 lakh contracts with a total cumulative turnover of US$ 30.28 billion.
The rising numbers in terms of volume underscore the rising participation from international investors and the attractiveness of the Connect.
Market participants at GIFT Nifty can access Gift Nifty 50, Gift Nifty Bank, Gift Nifty Financial Services, and Gift Nifty IT derivative contracts on NSE IX.
GIFT Nifty is traded for about 21 hours, which overlaps trading hours in Asia, Europe, and the US.
GIFT Nifty, which was formerly known as SGX Nifty, provides a new way to access dollar-denominated Nifty derivatives at NSE IX.
NSE IX is a subsidiary of NSE set up in GIFT City and is recognised by International Financial Services Centre Authority (IFSCA).
Rajiv is an independent editorial consultant for the last decade. Prior to this, he worked as a full-time journalist associated with various prominent print media houses. In his spare time, he loves to paint on canvas.