GIFT NIFTY opened at 22,640 on Monday morning, up 29 points from the previous close of 22,611, as Indian markets prepared for the cash session open at 09:15 IST. The early session gap of 0.1% marked a cautious start against a backdrop of sharp declines across Asian bourses.
The offshore Nifty derivative surrendered its opening gains within the first 15 minutes of trade, sliding to a session low of 22,550 by 08:10 IST. Price action through the early session showed a recovery attempt, with the index climbing back toward 22,612 by 09:15 IST. The 5-minute candle data revealed a steady climb from the 22,559.50 level at 09:00 IST, adding 52.50 points over three consecutive periods to reach the current trading level.
Regional markets provided little support for the modest opening. Japan's Nikkei 225 tumbled 647.26 points to close at 68,309.46, down 0.94%, while Hong Kong's Hang Seng Index plunged 2.60% to settle at 23,972.29, losing 640.98 points. The Shanghai Composite bucked the regional trend with a marginal gain of 0.31% to close at 3,842.19.
The Indian cash market opened with the Nifty 50 dropping 198.50 points to 22,421.95 at the 09:15 IST bell, according to available index data. The gap between GIFT NIFTY's current level of 22,612 and the onshore Nifty 50 stood at roughly 190 points, reflecting the typical premium for the offshore contract.
| GIFT NIFTY Session | Level |
|---|---|
| Open | 22,640.0 |
| High | 22,642.0 |
| Low | 22,550.0 |
| LTP (09:15 IST) | 22,612.0 |
| Previous Close | 22,611.0 |
| Change | +1.0 (+0.0%) |
| Asian Index | Level | Change | % Change |
|---|---|---|---|
| Nikkei 225 | 68,309.46 | -647.26 | -0.94% |
| Hang Seng | 23,972.29 | -640.98 | -2.60% |
| Shanghai Composite | 3,842.19 | +11.78 | +0.31% |
| S&P/ASX 200 | 8,682.10 | +67.70 | +0.78% |
| Nifty 50 | 22,421.95 | -198.50 | -0.88% |
GIFT NIFTY traded in a tight 92-point range through the first 75 minutes of Monday's session, with the index currently sitting just 1 point above the previous close. The early session volatility, marked by the swift 90-point drop from the open to the session low, gave way to a steadier recovery pattern as the Indian cash market commenced trading. The offshore contract now faces the test of whether it can hold above the 22,600 mark as onshore trade gets underway.