GIFT NIFTY Reopens Flat at 23,172 in Session II, Jumps 260 Points as European Markets Trade Mixed

GIFT NIFTY reopened for Session II at 23,171.5 at 4:35 PM IST on March 16, showing no gap from Session I's closing level of 23,171.5. The contract opened flat after Indian cash markets closed at 3:30 PM and Session I ended at 3:40 PM.

Despite the unchanged Session II open, GIFT NIFTY jumped sharply in the first 35 minutes of evening trade, climbing 262.5 points to 23,434 by 7:10 PM IST. The contract is now up 48.5 points or 0.21% for the full trading day against the previous close of 23,385.5. The day's range spans 501 points from a low of 23,010.5 to a high of 23,511.5 across both sessions.

European Markets Trade Mixed

European equity indices presented a mixed picture in mid-session trade as GIFT NIFTY Session II got underway. The FTSE 100 in London traded 21.06 points or 0.21% higher at 10,282.21 as of late afternoon GMT, extending gains after opening at 10,279.44. The UK benchmark showed steady buying through the European session with some sources reporting levels above 10,300 in recent ticks.

Germany's DAX Index traded marginally lower at 23,434.36, down 12.93 points or 0.06%, after oscillating around the 23,450 mark. Earlier data showed the DAX at 23,439.51, down just 0.03% or 7.78 points, indicating narrow range-bound action in Frankfurt.

France's CAC 40 Index weakened through the afternoon, last seen trading lower though specific levels varied across sources. One data feed showed the CAC down 21.06 points or 0.27% at 7,890.47, while another indicated a steeper decline of 57.37 points or 0.71%. The Euro Stoxx 50, Europe's blue-chip Eurozone benchmark, closed at 5,716.61 on March 13, down 0.56%, though live Session II data was not available in the search results.

Session II Range and Outlook

GIFT NIFTY's opening 15 minutes of Session II saw the contract establish a narrow 24-point band between 23,168.5 and 23,192.5 before breaking higher. By the third 5-minute candle at 4:45 PM, the index touched 23,270.5 as European market participants digested the mixed regional cues. The contract now trades 262.5 points above its Session II open with European bourses set to close around 9:00-9:30 PM IST, potentially bringing further volatility through the late evening session which runs until 2:45 AM on March 17.