Gift Nifty derivatives hit single day turnover of $8.5 billion on NSE IX

NSE International Exchange (NSE IX) on Monday said Gift Nifty derivatives hit a record first session single day trading activity of 2.14 lakh contracts with a turnover of $8.5 billion.
Traded contract and turnover value witnessed a significant growth of 530 per cent and 600 per cent, respectively, compared to the first-day full-scale operations volume of 33,570 contracts with a turnover of $1.21 billion, the exchange said in a statement.

Trading turnover on NSE IX has been growing exponentially since the commencement of the full-scale operation of NSE IX-SGX GIFT Connect from SGX to NSE IX on July 3, the exchange said adding that since the first day of full-scale operations of Connect, Gift Nifty has witnessed a total cumulative volume of 7.86 lakh contracts with a total cumulative turnover of $30.28 billion.

To recall, these derivatives are traded for 21 hours split between two sessions, which means they overlap trading hours in Asia, Europe, and the US. The first session begins from 6.30 am. It concludes at 3.40 pm. The second session runs from 4.35 pm to 2.45 am the following morning. 

Gift Nifty offers access to Gift Nifty 50, Gift Nifty Bank, Gift Nifty Financial Services, and Gift Nifty IT derivative contracts on NSE IX. These contracts are accessible for almost 21 hours, which overlaps Asia, Europe, and US trading hours.

NSE International Exchange IFSC Limited or NSE IX is a subsidiary of NSE based in GIFT City. Stock exchanges operating in the GIFT City are permitted to offer trading in securities in any currency other than the Indian rupee. Accordingly, NSE IX, which started operating in 2017, offers dollar-denominated trading in various products.

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