GIFT NIFTY opened Monday's session 84.5 points lower at 24,373.5, down 0.35% from Friday's close of 24,404.5, as Asian markets tumbled on broad-based risk aversion. The futures contract traded in a tight range early, slipping to an intraday low of 24,297.0 within the first 15 minutes before recovering modestly.
The opening gap mirrored sharp losses across the region. Japan's Nikkei 225 plunged 4.03% to 64,140.90, opening at 66,339.85 and sliding as low as 62,704.60 in volatile trade. Hong Kong's Hang Seng Index dropped 1.78% to 24,562.24, losing 446.36 points as regional sentiment soured.
Early Session Price Action
GIFT NIFTY showed choppy trade in the opening minutes. The 09:00 IST five-minute candle tested the session low of 24,297.0 before bouncing to 24,320.0. By 09:05 IST, buyers emerged, pushing the contract to 24,360.0 before momentum faded. The 09:10 IST candle reversed sharply from 24,353.0 back to 24,320.0, where the contract was last trading as the Indian cash market opened.
The early recovery attempt failed to reclaim the opening level, leaving GIFT NIFTY down 0.35% and trading 53.5 points below the session open. The intraday range stood at 76.5 points, reflecting nervous positioning ahead of the domestic cash market start.
| Metric | Level |
|---|---|
| Open | 24,373.5 |
| High | 24,373.5 |
| Low | 24,297.0 |
| LTP (09:15 IST) | 24,320.0 |
| Change | -84.5 (-0.35%) |
| Previous Close | 24,404.5 |
Regional Market Snapshot
The Nikkei's steep decline dominated Asian trade, with the index opening nearly 500 points lower at 66,339.85 and accelerating losses through the morning. The 4% drop erased gains from recent sessions and pushed the index well below the 66,000 mark. The Hang Seng's 446-point loss extended weakness in Chinese markets, with the index trading at 24,562.24.
| Index | Level | Change (%) |
|---|---|---|
| Nikkei 225 | 64,140.90 | -4.03% |
| Hang Seng | 24,562.24 | -1.78% |
GIFT NIFTY's relative resilience — down just 0.35% against Nikkei's 4% slide — suggested some insulation from the worst of the regional selloff. The contract held above 24,300 despite multiple tests of support, with the 09:15 IST level of 24,320.0 marking a tentative floor as Indian equities began cash trade. The early session range of 24,297.0 to 24,373.5 will frame the opening bias for Nifty 50 and Sensex as domestic traders digest the Asian weakness.