GIFT NIFTY reopened for Session II at 23,624 on Wednesday, gapping up 38 points or 0.16% from Session I's closing level of 23,586. The modest opening lift came as European equity markets traded sharply higher in mid-session, providing a supportive backdrop for the evening session.
The Session II open marked a reversal from the day's broader trend. GIFT NIFTY had opened Session I at 23,801 in the morning, touched an intraday high of 23,897, and slipped to a low of 23,350 during the day. By 7:09 PM IST, the contract was trading at 23,495.50, down 94 points or 0.4% from the previous day's close of 23,589.50.
| Metric | Level |
|---|---|
| Session I Close | 23,586.0 |
| Session II Open | 23,624.0 |
| Session Gap | +38.0 (+0.16%) |
| Current LTP (7:09 PM IST) | 23,495.5 |
| Change vs Prev Day Close | -94.0 (-0.4%) |
European Markets Drive Session II Sentiment
The positive gap at Session II open reflected strength in European equity markets, which had been trading for over three hours by the time GIFT NIFTY reopened. Britain's FTSE 100 closed at 10,432.34 on Tuesday, up 101.79 points or 0.99%, according to delayed quotes from the London Stock Exchange. The benchmark had closed at 4:35 PM GMT+1 on May 20.
The Euro Stoxx 50, Europe's leading blue-chip index tracking 50 large-cap companies across the eurozone, closed at 5,976.07 on Tuesday, surging 124.91 points or 2.13%. The index settled at 6:00 PM GMT+2 on May 20, marking one of its strongest single-day performances in recent sessions. Live prices on Wednesday showed the Euro Stoxx 50 trading around 5,975.36, sustaining most of the prior session's gains.
The rally in European equities suggested risk appetite remained firm heading into Wednesday's trading. The FTSE 100, with a market capitalisation of $3.44 trillion, and the Euro Stoxx 50, valued at $5.69 billion, both outperformed their regional peers. The DAX 40 and CAC 40 also featured prominently in composite European indices, though specific mid-session levels for Wednesday were not immediately available.
| Index | Last Close (May 20) | Change |
|---|---|---|
| FTSE 100 | 10,432.34 | +101.79 (+0.99%) |
| Euro Stoxx 50 | 5,976.07 | +124.91 (+2.13%) |
Session II Trading Range
In the first 15 minutes of Session II trading, GIFT NIFTY oscillated in a tight 18-point range between 23,606 and 23,624. The opening candle at 4:35 PM IST saw the contract touch its high of 23,624 before settling at 23,613. Subsequent five-minute bars showed the contract testing 23,628.50 by 4:40 PM before easing to 23,617 by 4:45 PM.
Session II runs until 2:45 AM IST on Thursday, with European markets scheduled to close around 9:00-10:00 PM IST. Further direction will hinge on whether European indices sustain their gains through the close and any overnight developments from the US session.