GIFT NIFTY Opens Session II Nearly Flat at 24,017 as European Markets Tumble Over 1%

GIFT NIFTY reopened for Session II at 24,017 on Tuesday evening, slipping a marginal 5 points or 0.02% from Session I's closing level of 24,022. The index traded 38.5 points or 0.16% above the previous day's close of 23,915.5, maintaining a modest positive bias despite a sharp selloff across European bourses.

The near-flat session gap masked growing weakness as GIFT NIFTY dipped immediately after the 16:35 IST bell. The index dropped to an intraday low of 23,884.5 within the first hour of Session II trading, erasing earlier gains built during Session I when it had touched a day high of 24,352. By 19:10 IST, GIFT NIFTY was trading at 23,954, down 63 points from the Session II open.

European Markets Slide Into Red Territory

European equity markets provided a challenging backdrop for Session II, with major indices trading sharply lower in afternoon trade. Germany's DAX tumbled 369.19 points or 1.54% to 23,599.44, extending losses as investors booked profits following recent gains. France's CAC 40 fell 78.39 points or 0.97% to 7,978.97, while the UK's FTSE 100 declined 0.77% to 10,332.09.

The broader Euro Stoxx 50 index, which tracks the eurozone's 50 largest companies, was also under pressure though specific closing levels remained unavailable in mid-session data. Market participants pointed to profit-taking after a recent rally that had lifted European indices, with the DAX showing the steepest percentage decline among major benchmarks.

The selloff was broad-based across European markets. Italy's FTSE MIB dropped 339.47 points to 44,862.22, while Spain's IBEX 35 fell 57 points to 17,388. The weakness came despite earlier optimism, with European markets having posted gains in recent sessions that pushed valuations higher.

GIFT NIFTY Trading Range Widens

GIFT NIFTY is currently trading at 23,954, some 63 points below the Session II opening level of 24,017. The index has carved out a day range of 23,884.5 to 24,352 across both sessions, a span of 467.5 points reflecting heightened volatility. Session II runs until 02:45 AM IST on Wednesday, and European markets will close around 21:30-22:00 IST, potentially triggering further moves as GIFT NIFTY trades through the overnight period without major global cues.