GIFT NIFTY opened sharply lower at 23,302 on Thursday morning, gapping down 236.5 points or 1.0% from the previous close of 23,538.5. The weak open came as Asian markets slid across the board, with Japan's Nikkei 225 tumbling 931 points or 1.4% to 67,470 and Hong Kong's Hang Seng Index shedding 380 points or 1.5% to 25,253.
The early session saw buyers step in quickly after the opening gap. Within the first 15 minutes of trading, GIFT NIFTY clawed back nearly 300 points from the opening level, rallying to 23,605 by 00:15 SGT. The index held above 23,600 through 00:30 before retreating modestly to trade in a tight range between 23,600 and 23,610 through the next half hour.
Price action turned choppier after 01:00 SGT as the index drifted lower, testing support near 23,599 multiple times in the 10 minutes leading up to the Indian cash market open. The intraday range stretched 174 points from a low of 23,441 to a high of 23,615.
Asian Markets Drag on Sentiment
Regional cues weighed heavily on the Singapore-traded index. The Nikkei's sharp decline extended losses from Wednesday's session, while the Hang Seng's 1.5% drop reflected ongoing concerns around technology sector valuations. Both indices traded lower at midday Asian hours, dampening risk appetite across the region.
India's BSE Sensex opened marginally higher at 74,360, up 14 points, diverging from the negative tone set by GIFT NIFTY and broader Asian indices. The resilience in the cash market limited further downside in the offshore derivative contract.
Session Snapshot
| Metric | Level |
|---|---|
| Open | 23,302.0 |
| High | 23,615.0 |
| Low | 23,441.0 |
| Last Traded Price | 23,508.5 |
| Change | -30.0 (-0.13%) |
Regional Indices
| Index | Level | Change |
|---|---|---|
| Nikkei 225 | 67,470.69 | -931.44 (-1.36%) |
| Hang Seng | 25,253.40 | -379.81 (-1.48%) |
| BSE Sensex | 74,360.01 | +13.84 (+0.02%) |
As of 09:15 IST, GIFT NIFTY traded at 23,508.5, down just 30 points or 0.1% from the previous close. The contract has recovered more than 200 points from the opening gap, suggesting traders are fading the initial weakness despite persistent pressure from regional peers. The morning session has established a trading range between 23,441 and 23,615, with the index holding well above the lower boundary as Indian equities began cash trading.