GIFT NIFTY opened lower at 24,500 on Monday morning, gapping down 236.5 points or 0.96% from the previous close of 24,702.5, as weak sentiment across Asian markets weighed on opening sentiment. The contract touched an early high of 24,503 before slipping to a session low of 24,408.5 in the first 75 minutes of trade.
The early session saw choppy price action with the contract unable to reclaim its opening level. The 09:00 IST five-minute candle showed GIFT NIFTY at 24,453.5, drifting lower to 24,412.5 before recovering to 24,473. By 09:05 IST, the contract softened further to 24,442.5, then stabilized around 24,467 by 09:10 IST. As of 09:15 IST, GIFT NIFTY was trading at 24,466, holding near the lower end of the morning range.
| Metric | Level |
|---|---|
| Open | 24,500.0 |
| High | 24,503.0 |
| Low | 24,408.5 |
| LTP (09:15 IST) | 24,466.0 |
| Change | -236.5 (-0.96%) |
Asian Markets Drag Lower
The weakness in GIFT NIFTY mirrored broad-based selling across Asian indices. Japan's Nikkei 225 plunged 1,042.44 points or 1.75% to 58,475.90, marking the sharpest decline in the region. Hong Kong's Hang Seng Index dropped 233.93 points or 0.89% to 26,160.33, while the Hang Seng China Enterprises Index fell 0.67% and the Hang Seng TECH Index shed 0.97%.
China's SSE Composite Index edged down 0.10% to 4,051.43, showing relative resilience compared to its regional peers. The coordinated selloff pointed to risk-off sentiment taking hold as the trading week began.
Indian Cash Market Opens Mixed
India's Nifty 50 Index opened at 24,353.55, while the BSE Sensex advanced 504.86 points or 0.65% to 78,493.54 in early Monday trade. The divergence between domestic cash indices and GIFT NIFTY's offshore session suggested some buying interest emerged at lower levels as the Indian market opened.
| Index | Level | Change |
|---|---|---|
| Nikkei 225 | 58,475.90 | -1,042.44 (-1.75%) |
| Hang Seng | 26,160.33 | -233.93 (-0.89%) |
| SSE Composite | 4,051.43 | -0.10% |
| BSE Sensex | 78,493.54 | +504.86 (+0.65%) |
GIFT NIFTY's 95-point trading range between 24,408.5 and 24,503 reflected cautious positioning ahead of the domestic market open. The contract held above the psychological 24,400 level despite persistent selling pressure from Asian markets. With GIFT NIFTY trading at 24,466 as the cash session got underway, the gap between offshore and onshore pricing remained a focal point for early-session traders.