GIFT NIFTY Gaps Down 31 Points Into Session II as European Markets Rally Mid-Session

GIFT NIFTY reopened for Session II at 24,498.5 at 16:35 IST on Monday, gapping down 31.5 points or 0.13% from the Session I close of 24,530. The marginal decline came despite a positive mid-session showing from European equity benchmarks, which had been trading for over three hours by the time Indian offshore futures resumed.

The Session II opening price of 24,498.5 marked the day's low across both sessions. GIFT NIFTY quickly recovered in the opening minutes, with the first 5-minute candle closing at 24,507.5 and the index trading at 24,584 by 19:10 IST, up 4.5 points or 0.02% from the previous day's close of 24,579.5. The day high of 24,695 was recorded during Session I.

European Markets Trade Higher

European indices were in positive territory through the afternoon session, providing a supportive backdrop for global risk assets. The Euro Stoxx 50 rose 68.49 points or 1.08% to 6,426.50 at the European close at 18:00 GMT+2, according to delayed quote data. Another source showed the Euro Stoxx 50 gaining 1.2% to close at 6,440, while a third indicated the index rose 0.7% to 6,480 during the session.

The CAC 40 advanced 104.11 points or 1.22% to 8,613.75 as of 15:42 GMT+2, according to live data from Yahoo Finance. The FTSE 100 traded at 10,847.61, down 0.19%, while the DAX 40 climbed 247.38 points or 0.95% to 26,248.69, marking a strong performance for German equities.

The divergence between European gains and GIFT NIFTY's modest Session II gap down suggests profit-booking in the offshore contract after Session I closed near 24,530. European markets have been grappling with rate volatility and inflation concerns in recent sessions, though Monday's mid-session performance reflected improved risk appetite across the Eurozone's supersector leaders.

Session II Outlook

GIFT NIFTY was trading at 24,584 as of 19:10 IST, having reclaimed losses from the Session II open. The index has 7 hours and 35 minutes remaining until the 02:45 IST close, during which European markets will have already closed. Further direction will depend on overnight moves in crude oil, bond yields, and any macro developments from the US session.