GIFT NIFTY Edges Up in Cautious Start
GIFT NIFTY opened Monday's session at 24,298.50, up 29.5 points or 0.12% from the previous close of 24,297.50, as Asian markets posted broad gains ahead of the Indian cash market open. The opening gap mirrored modest positive sentiment across regional bourses, though the gain remained muted compared to the rally in Hong Kong and Tokyo.
The index traded in a narrow 37.5-point range through the first 75 minutes of the session, touching an early high of 24,327.00 and a low of 24,289.50. As of 09:15 IST, GIFT NIFTY stood at 24,327.00, holding near the session peak as domestic traders returned to their desks.
| Metric | Value |
|---|---|
| Open | 24,298.50 |
| High | 24,327.00 |
| Low | 24,289.50 |
| LTP | 24,327.00 |
| Change | +29.5 (+0.12%) |
Early Price Action Shows Limited Momentum
Five-minute candle data revealed a tepid opening hour, with GIFT NIFTY struggling to sustain early momentum from overnight levels. The contract opened below the midnight session close of 24,345.50, suggesting some profit-taking from Friday's Singapore close. From the 00:00 IST level of 24,345.50, the index initially climbed to 24,362.00 within 20 minutes before reversing course.
By 01:10 IST, GIFT NIFTY had drifted to 24,327.50, shedding nearly 35 points from the overnight peak as traders awaited cues from the Indian cash market open. The downward drift erased most of the overnight gains, leaving the contract marginally above the official opening print as the 09:15 IST bell approached.
Asian Markets Post Solid Gains
Regional indices provided a constructive backdrop for Monday's trading. Hong Kong's Hang Seng Index advanced 336.38 points or 1.34% to 25,453.23, while Japan's Nikkei 225 closed up 506.45 points or 0.74% at 69,220.25. The Hang Seng China Enterprises Index gained 99.14 points to 8,439.97, and the Hang Seng HK 35 Index rose 44.34 points to 3,311.13.
Australia bucked the trend, with the S&P/ASX 200 declining 42.00 points to 9,073.20. The Shanghai Composite Index climbed 1.41% to 3,982.65, adding to the positive tone across Greater China markets.
| Index | Level | Change |
|---|---|---|
| Nikkei 225 | 69,220.25 | +506.45 (+0.74%) |
| Hang Seng | 25,453.23 | +336.38 (+1.34%) |
| S&P/ASX 200 | 9,073.20 | -42.00 |
| SSE Composite | 3,982.65 | +1.41% |
Nifty 50 Opens in the Red
India's benchmark Nifty 50 opened lower despite the positive Asian cues, declining 78.35 points or 0.32% to 24,287.65 as of the cash market open. The domestic index's weaker start contrasted with GIFT NIFTY's modest gain, suggesting traders were pricing in domestic factors or taking profits after recent advances.
GIFT NIFTY's subdued response to the regional rally and the cash market's negative open point to a cautious start to the week. With the offshore contract trading at 24,327.00 and holding a slim premium to the Nifty 50's opening level, traders appear to be waiting for clearer directional signals before committing to fresh positions.