GIFT NIFTY Gaps Higher Into Session II at 24,626 Tracking European Selloff

GIFT NIFTY reopened for Session II at 24,626 on Friday evening, gapping sharply higher by 326 points from Session I's close of 24,300. The opening surge briefly pushed the index to a session high of 24,761 before sellers emerged, dragging the index to a low of 24,262. At 16:35 IST, GIFT NIFTY traded at 24,300, down 274 points or 1.11 percent from the previous close of 24,574.

The gap-up opening came despite Session I having closed weak. The final three five-minute candles of Session I showed steady erosion from 24,317.50 at 15:00 IST to 24,300 at 15:10 IST, the last candle before the session ended. The Session II open at 24,626 represented a 1.34 percent jump from that level, though the index quickly reversed course.

European Markets Trade Deep in Red

European indices traded sharply lower in mid-session, providing a cautious backdrop for GIFT NIFTY's Session II. The FTSE 100 fell 129.19 points or 1.24 percent to 10,284.75 by its 16:35 GMT close, according to delayed quotes. Germany's DAX dropped 224.72 points or 0.94 percent to 23,591.03, while France's CAC 40 declined 72.03 points or 0.90 percent to 7,973.77 by 16:21 CET.

The selloff was broad-based across European bourses. Spain's IBEX 35 Index fell 134.30 points, Switzerland's SMI shed 207.40 points, and Italy's FTSE MIB lost 300.10 points. The synchronized decline across major European markets reflected heightened risk aversion, with market headlines pointing to Middle East war concerns weighing on sentiment.

The Euro Stoxx 50, the benchmark for eurozone blue chips, also traded in negative territory, though specific levels were not detailed in available data. The euro hovered near 1.1607 against the dollar, marginally lower by 0.0001, suggesting currency markets remained relatively stable despite equity weakness.

GIFT NIFTY Outlook

GIFT NIFTY's Session II will run until 02:45 AM IST on Saturday, with European markets having already closed for the week by late evening IST. The index traded at 24,300 in early Session II, effectively wiping out the gap-up opening and matching Session I's closing level. With European bourses shut, overnight US market moves will likely set the tone for the final hours of Friday's extended session.