GIFT NIFTY opened at 24,038.5 on Friday morning, down 41 points or 0.17% from the previous close of 24,081.5, as the index surrendered early gains in a choppy overnight session that saw a sharp mid-session drop.
The index had started the overnight session on a firm note at 24,085.0 and quickly rallied to 24,112.0 by 00:15 IST, marking the session high at 24,049.0 before pressure emerged. Between 00:35 and 00:45 IST, GIFT NIFTY slid sharply, dropping from 24,089.0 to 24,038.0 in just 10 minutes, touching the session low of 24,002.5.
The sell-off erased the overnight premium and left the index trading below its starting level by the time Indian cash markets opened at 09:15 IST. The index has since stabilized around the 24,040.5 level, holding a narrow 46.5-point range between 24,002.5 and 24,049.0 in the first 90 minutes of trade.
The early price action shows GIFT NIFTY struggling to sustain levels above 24,100, with selling pressure emerging each time the index attempted to build on overnight gains. After hitting the session low near 24,038.0 around 00:45 IST, the index found support and recovered modestly, trading between 24,051.0 and 24,075.5 in the final hour before the Indian market open.
| Metric | Level |
|---|---|
| Open | 24,038.5 |
| High | 24,049.0 |
| Low | 24,002.5 |
| LTP | 24,040.5 |
| Change | -41.0 (-0.17%) |
The modest opening gap down suggests a cautious start for domestic equities, with GIFT NIFTY's overnight weakness likely to weigh on sentiment in early cash market trade. The index is trading just 38 points above its session low, indicating limited appetite to bid prices higher in the opening minutes.
Asian markets showed mixed performance in overnight trade, though specific index levels were not available at the time of this report. The subdued opening in GIFT NIFTY reflects a lack of strong directional cues from regional peers, with traders awaiting domestic market price discovery.
GIFT NIFTY is currently trading at 24,040.5, holding marginally above the opening level of 24,038.5 but well below the overnight high of 24,049.0. The early session range of 46.5 points suggests moderate volatility, with the index testing support near the 24,000 psychological level during the overnight slide before stabilizing ahead of the cash market open.