GIFT NIFTY Reopens Session II Nearly Flat at 24,255 as European Markets Rally

GIFT NIFTY reopened for Session II at 24,255.5 at 16:35 IST on May 01, slipping 22.5 points or 0.09% from the Session I close of 24,278. The marginal gap lower came despite strong gains across European bourses, which had been trading for over three hours by the time the evening session began.

The index opened the day at 24,316.5 in Session I and traded to a high of 24,376.5 before paring gains through the afternoon. Session II's opening tick at 24,255.5 marked a brief pullback, though the contract was trading just 1.5 points above the previous day's close of 24,208.5, holding onto fractional gains of 0.01%. By 19:09 IST, GIFT NIFTY had drifted to 24,210, with the day's low touching 24,183.5 during Session II.

European Indices Drive Mid-Session Sentiment

European equity markets delivered broad-based gains through the afternoon, providing a constructive backdrop for GIFT NIFTY's evening session. Germany's DAX surged 337.82 points or 1.41% to 24,292.38, while the Euro Stoxx 50 climbed 65.03 points or 1.12% to 5,881.51. France's CAC 40 advanced 42.71 points or 0.53% to 8,114.84, and Britain's FTSE 100 edged up to 10,378.82.

The synchronized rally across Frankfurt, Paris, and London marked a sharp reversal from earlier weakness, with the DAX and Euro Stoxx 50 leading the charge. Continental bourses extended gains into the European afternoon, which coincides with GIFT NIFTY's Session II trading hours. The strength in German industrials and French blue-chips lifted sentiment across the region, though sector-specific drivers were not detailed in available data.

The FTSE MIB in Milan jumped 450.09 points to 48,246.12, while Spain's IBEX 35 added 138.20 points to 17,781. The breadth of the advance across major European indices suggested broad risk appetite, though volatility gauges remained elevated with the VSTOXX at 22.619.

Session II Opens Under Pressure Despite Europe Strength

GIFT NIFTY's Session II opening at 24,255.5 came in below the Session I close despite the European tailwind, suggesting some profit-booking or caution ahead of the evening hours. The first candle at 16:35 saw a tight range between 24,251 and 24,259.5, closing at 24,251. Subsequent five-minute bars showed the index dipping to 24,233 by 16:40 before stabilizing near 24,248.

The contract is currently trading at 24,210, down 68 points from the Session II open and 106.5 points below the day's opening level. Session II runs until 02:45 AM IST on May 02, meaning European markets — which close between 21:00 and 22:00 IST — will complete their sessions during GIFT NIFTY's evening hours, potentially bringing further directional cues as London and Frankfurt wind down.