GIFT NIFTY opened 84 points lower at 24,515.50 on May 7, down 0.34% from the previous close of 24,556, as early session selling pressure deepened despite positive cues from across Asian markets.
The index extended its decline through the first hour of trade, slipping to an intraday low of 24,451 by 09:15 IST. After touching a session high of 24,531.50 in the opening minutes, GIFT NIFTY drifted steadily lower, shedding nearly 60 points from the open as the Indian cash market commenced trading.
| Metric | Level |
|---|---|
| Open | 24,515.50 |
| High | 24,531.50 |
| Low | 24,451.00 |
| LTP (09:15 IST) | 24,472.00 |
| Change | -84.00 (-0.34%) |
The 5-minute candle data revealed persistent selling through the overnight session. GIFT NIFTY opened near 24,510 at midnight and dropped below 24,500 within 10 minutes. The index fell below 24,480 by 00:40 IST and accelerated lower, touching 24,456.50 shortly before 01:00 IST. A modest recovery attempt lifted prices back to 24,485 by 01:10 IST, but the index remained under pressure heading into the domestic market open.
The downward move in GIFT NIFTY came against a backdrop of strength across Asian equity markets. Japan's Nikkei 225 gained 228.20 points or 0.38% to close at 59,513.12, while Hong Kong's Hang Seng Index advanced 315.17 points or 1.22% to settle at 26,213.78. The BSE Sensex rose 940.73 points to 77,958.52, according to regional market data.
| Index | Level | Change |
|---|---|---|
| Nikkei 225 | 59,513.12 | +228.20 (+0.38%) |
| Hang Seng | 26,213.78 | +315.17 (+1.22%) |
| BSE Sensex | 77,958.52 | +940.73 |
The divergence between GIFT NIFTY's weak opening and the positive momentum in regional markets highlighted localized selling pressure in the offshore derivative segment. The Nikkei opened at 60,241.31 and climbed to an intraday high of 62,059.20 during the session, suggesting broad risk appetite across Japanese equities.
GIFT NIFTY was trading at 24,472 as of 09:15 IST, holding just above the session low but still down 84 points from the previous close. The early session range of 80.50 points between the high of 24,531.50 and low of 24,451 reflected cautious positioning as traders weighed the disconnect between offshore and regional market sentiment.