GIFT NIFTY reopened for Session II at 23,217.5 at 16:35 IST on June 8, gapping down 66 points or 0.28% from the Session I close of 23,283.5. The index extended losses in early trade, dropping to 23,160 by 19:10 IST, down 17.5 points or 0.08% from the previous day's close of 23,177.5.
The negative gap reflected subdued sentiment as GIFT NIFTY tracked weakness in European markets, which had been trading for over three hours by the time Session II opened. The day's cumulative high of 23,335 came during Session I, while the current level marks a retreat from those levels.
| Metric | Level |
|---|---|
| Session I Close | 23,283.5 |
| Session II Open | 23,217.5 |
| Session Gap | -66.0 (-0.28%) |
| Current LTP | 23,160.0 |
| Change vs Prev Close | -17.5 (-0.08%) |
European Markets Weigh on Sentiment
European indices traded lower in mid-session, providing a weak backdrop for GIFT NIFTY's Session II reopening. The Euro Stoxx 50 fell to 6,000 points, losing 1.02% from the previous session, according to market data. The index opened at 6,107.10 and traded in a range of 5,980.37 to 6,049.79 during the day.
The Euro Stoxx 50 had closed at 6,103.33 on June 5 and was quoted at 6,010.45 in live trade. The index tracks 50 blue-chip stocks from eurozone countries with a combined market capitalization of €4.011 trillion. Despite the intraday decline, the index remained up 10.67% year-to-date and had gained 1.77% over a longer timeframe.
Individual components of the Euro Stoxx 50 also showed pressure. Deutsche Börse traded at 245.00, down 0.90 points or 0.37%, with a day's range of 244.90 to 250.40 as of 04:28 AM EDT on June 8. Deutsche Telekom was quoted at 27.49 during the session.
Session II Trade Outlook
GIFT NIFTY is currently trading at 23,160, down 57.5 points from the Session II open and near the lower end of the early range. Session II runs until 02:45 AM IST on June 9, with European markets set to close around 21:00-22:00 IST, which could bring further directional cues as the session progresses.