GIFT NIFTY opened at 22,867.00 on Thursday morning, 45.5 points above Wednesday's close of 22,821.50, but surrendered the opening gap within the first 75 minutes of trade. As of 09:15 IST, the offshore Nifty derivative is trading at 22,798.00, down 23.5 points or 0.1% from the previous close.
The early session saw GIFT NIFTY hit an intraday high of 22,963.00 in the opening minutes before sliding to a low of 22,755.50, establishing a morning range of 207.5 points. The 5-minute candle data shows the index peaked at 22,948.50 in the opening tick before steady selling pressure took hold, with the contract drifting lower through most of the first hour.
After touching 22,875.50 around 00:30 SGT, GIFT NIFTY attempted a recovery, climbing back above 22,900 by 01:00 SGT and holding near that level into the Indian cash market open. The reversal from the opening high suggests traders are taking profits despite the positive tone across broader Asian equity markets.
Asian Markets Rally on Risk Appetite
The weakness in GIFT NIFTY stands in sharp contrast to the performance of regional indices, which posted strong gains in overnight and morning trade. The Nikkei 225 surged 2,675.96 points or 5.24% to close at 53,739.68, marking one of the sharpest single-session rallies in recent months for the Japanese benchmark.
Hong Kong's Hang Seng Index advanced 505.89 points or 2.04% to settle at 25,294.03, opening at 25,357.23 and trading in a range between 25,203.69 and 25,429.76 during the session. The index has gained 8.99% over the past year despite a 5.02% decline over the past month.
| Index | Level | Change | Change % |
|---|---|---|---|
| Nikkei 225 | 53,739.68 | +2,675.96 | +5.24% |
| Hang Seng | 25,294.03 | +505.89 | +2.04% |
GIFT NIFTY Session Snapshot
The divergence between GIFT NIFTY's subdued performance and the strength in Japanese and Hong Kong equities suggests India-specific factors may be weighing on sentiment, though the offshore contract remains within striking distance of unchanged territory. The inability to sustain early gains despite the regional rally indicates cautious positioning ahead of the domestic cash market open.
| Metric | Level |
|---|---|
| Open | 22,867.00 |
| High | 22,963.00 |
| Low | 22,755.50 |
| LTP (09:15 IST) | 22,798.00 |
| Prev Close | 22,821.50 |
| Change | -23.50 (-0.1%) |
GIFT NIFTY is currently trading 165 points below its morning high and 42.5 points above the session low, with the contract struggling to find firm direction despite the favorable external backdrop. The early session range suggests heightened volatility, with traders likely awaiting domestic cues from the cash market open to establish clearer directional conviction.