GIFT Nifty, formerly SGX Nifty, is likely to be available for trading 22 hours a day from July 3 when all dollar-denominated Nifty derivatives contracts will be entirely traded from NSE IFSC at GIFT City, according to a Moneycontrol report.
The report said the proposal is being considered for allowing trading from 4 am IST till 2 am IST the following morning. Currently, trading in SGX Nifty takes place for 16 hours from 6.30 am to 10.30 pm.
Traders in the Indian markets also track this index to gauge the likely movement of domestic equities. Many foreign investors, who want to invest in India but do not trade frequently, use SGX Nifty contracts.
On Friday, Indian shares advanced aided by broad gains across sectors, with benchmarks nearing record high levels, after economic data from the US boosted bets that Fed may be less hawkish than expected.
The S&P BSE Sensex rallied to a high of 63,520 and was mere 63 points shy from its record high of 63,583. The BSE benchmark eventually ended with a gain of 467 points at 63,385.
Similarly, the NSE Nifty 50 hit a high of 18,864.70 and was just 22 points away from its summit of 18,887.60 registered on December 01, 2022. The Nifty finally settled 138 points higher at 18,826.
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