GIFT NIFTY reopened for Session II at 23,839.50 at 16:35 IST on Thursday, gapping up 41.5 points or 0.17% from the Session I close of 23,798. The opening candle traded in a tight 16-point range between 23,826 and 23,842 before settling at 23,828.
The modest gap higher came despite a sharp selloff across European bourses during their afternoon session. GIFT NIFTY was trading at 23,829.50 as of 19:10 IST, up just 1.5 points or 0.01% from the previous day's close of 23,828. The index had opened Session I at 23,687.50 and climbed to a day high of 23,847.50 before Session I ended marginally lower.
European Markets Tumble in Mid-Session Trade
European indices were trading sharply lower as GIFT NIFTY Session II got underway, providing a negative backdrop for the evening session. Germany's DAX 40 fell 1.56% to 24,763.12, down 392.29 points. France's CAC 40 dropped 1.64% to 8,299.09, losing 138.80 points. The broader Euro Stoxx 50 Index tumbled 1.69% to 6,210.17, shedding 106.82 points from its previous close of 6,316.99.
The STOXX Europe 600 declined 1.3% to 638 in afternoon dealings. The Euro Stoxx 50 had opened at 6,296.10 before the selloff intensified through the European afternoon, with the index last trading at 6,213.80 according to real-time data. European markets are scheduled to close around 21:00-21:30 IST, potentially bringing further volatility to GIFT NIFTY's Session II before Asian trade picks up overnight.
The divergence between GIFT NIFTY's marginal opening gap higher and the sharp losses in European indices suggested traders were looking past the European weakness. Session I had seen the index trade in a 213.5-point range from 23,634 to 23,847.50, with the final three 5-minute candles showing gradual weakness into the 15:40 close.
| Metric | Level |
|---|---|
| Session I Close | 23,798.00 |
| Session II Open | 23,839.50 |
| Session Gap | +41.5 (+0.17%) |
| Current LTP | 23,829.50 |
| Change vs Prev Close | +1.5 (+0.01%) |
| Day Range | 23,634.00 - 23,847.50 |
| Index | Level | Change |
|---|---|---|
| DAX 40 | 24,763.12 | -392.29 (-1.56%) |
| CAC 40 | 8,299.09 | -138.80 (-1.64%) |
| Euro Stoxx 50 | 6,210.17 | -106.82 (-1.69%) |
| STOXX 600 | 638.00 | -1.3% |
GIFT NIFTY was holding near its Session II opening levels in early evening trade, with the initial three candles after 16:35 showing a 31-point intraday range. Session II runs until 02:45 IST on Friday morning, and European market closes over the next few hours could drive further direction as overnight positioning develops ahead of Asian hours.