Session II Opens Lower Tracking European Weakness
GIFT NIFTY reopened for Session II at 24,053, gapping down 126.5 points or 0.52% from the Session I close of 24,179.5. The index opened at the low end of its early range, touching 24,027.5 in the first candle before recovering marginally to 24,029.5. The gap lower mirrored a sharp selloff in European equities that had been underway for over three hours by the time GIFT NIFTY resumed trading at 16:35 IST.
Against the previous day's close of 24,051, GIFT NIFTY is now up just 28.5 points or 0.12% on a full-day basis, erasing most of the Session I gains. The day's cumulative high of 24,270 came during Session I, while the low of 24,026.5 was established in the opening moments of Session II. At 19:10 IST, the index was trading at 24,079.5, having recovered about 50 points from the Session II open but still well below the Session I closing level.
| Metric | Value |
|---|---|
| Session I Close | 24,179.5 |
| Session II Open | 24,053.0 |
| Session Gap | -126.5 (-0.52%) |
| Current LTP | 24,079.5 |
| Change vs Prev Day | +28.5 (+0.12%) |
European Markets Drive Session II Weakness
European equity indices were under pressure during the Session II open window, with Germany's DAX 40 down 311.88 points or 1.17% to 26,258.11, and France's CAC 40 falling 66.68 points or 0.79% to 8,334.50. The broader Euro Stoxx 50 declined 65.51 points or 1.01% to 6,420.16 at its close. Britain's FTSE 100 bucked the trend, rising 31.76 points or 0.29% to 10,824.26, providing the only positive signal from the region.
The divergence between the DAX and FTSE 100 suggested sector-specific or regional factors at play, though specific drivers were not evident in available market data. The Euro Stoxx 50's decline aligned with weakness in core eurozone markets, with the index tracking the performance of 50 major stocks across the currency bloc. The selloff had already established its trajectory by mid-session in Europe, creating a negative backdrop for GIFT NIFTY's Session II opening.
European trading will continue for another four to five hours after the GIFT NIFTY Session II open, with markets scheduled to close around 21:00-21:30 IST. Any late-session recovery or further deterioration in European indices could influence GIFT NIFTY's direction through the remainder of Session II, which runs until 02:45 AM IST on September 2.
| European Index | Level | Change |
|---|---|---|
| DAX 40 | 26,258.11 | -311.88 (-1.17%) |
| CAC 40 | 8,334.50 | -66.68 (-0.79%) |
| Euro Stoxx 50 | 6,420.16 | -65.51 (-1.01%) |
| FTSE 100 | 10,824.26 | +31.76 (+0.29%) |
Early Session II Range and Outlook
GIFT NIFTY established a narrow 33-point range in the opening candle of Session II, from 24,027.5 to 24,060.5, before settling near the lower end at 24,029.5. The subsequent two five-minute candles showed modest recovery attempts, with the index edging up to 24,043 by 16:45 IST. The current level of 24,079.5 suggests buyers have stepped in at lower levels, though the index remains shy of the Session I close and faces resistance from the European selloff that continues to unfold through the evening hours in India.