GIFT NIFTY Reopens Flat at 24,035 in Session II as European Markets Rally

GIFT NIFTY reopened for Session II at 24,035 on Thursday evening, down a marginal one point from the Session I close of 24,036. The near-flat gap reflected a cautious handover as traders awaited further cues from European markets, which were showing firm gains three hours into their trading day.

The opening candle saw a narrow range between 24,032 and 24,038, with the index settling at 24,032 by 16:40 IST. As of 19:10 IST, GIFT NIFTY was trading at 24,014.50, up 4.5 points or 0.02% from the previous day's close of 24,010. The day's cumulative high across both sessions stood at 24,095.50, while the low touched 23,986.50.

European Markets Drive Session II Sentiment

European equities provided a supportive backdrop for Session II, with major indices posting steady advances by mid-afternoon. The DAX climbed 163.99 points or 0.63% to 26,003.32, while the FTSE 100 added 75.07 points or 0.70% to 10,831.52. France's CAC 40 rose 5.77 points or 0.07% to 8,286.40, lagging its continental peers but still holding in positive territory.

The Euro Stoxx 50, tracking the eurozone's supersector leaders, gained 20.44 points or 0.32% to close at 6,382.59 on Wednesday, with the broader STOXX Europe 600 advancing 0.4% to 649 earlier in the week. Market data showed the Euro Stoxx 50 had delivered a one-year return of 18.19%, underscoring the sustained rally in European equities over recent months.

The euro edged higher against the dollar to $1.1630, up 0.0004 on the day, while European bond yields paused their recent surge as traders trimmed hedges built around inflation and monetary policy concerns. No specific catalysts emerged from the search data to explain Thursday's moves, but the broad-based gains suggested a continuation of risk appetite following earlier volatility around rate expectations.

Session II Outlook

GIFT NIFTY's muted opening and early drift lower to 24,014.50 reflected a lack of fresh catalysts, with the index trading within a tight 20-point band in the first hour of Session II. European markets will continue trading until around 21:30-22:00 IST, and any late acceleration or reversal could influence GIFT NIFTY through the extended session, which runs until 02:45 IST on Friday morning.