GIFT NIFTY surged 4.29% to close at 24,090.5 on April 8, tracking a powerful rally in Indian equities as the Nifty 50 breached the 24,000 mark and the Sensex climbed sharply. The offshore derivative contract gained 991.5 points from its previous close of 23,099.0, reflecting broad-based buying across sectors.
The Nifty 50 traded in a range of 23,828.50 to 24,014.00 during the session, opening at 23,855.15 after closing the previous day at 23,123.65. Markets cheered news of a ceasefire agreement between the United States and Iran, easing fears of a broader Middle East conflict that had weighed on investor sentiment in recent weeks. The rally lifted both benchmark indices sharply, with buying momentum accelerating in the final hours of trade.
| Index | Previous Close | Day's Range |
|---|---|---|
| Nifty 50 | 23,123.65 | 23,828.50 - 24,014.00 |
| Sensex | — | 77,291.00 (intraday high) |
Realty stocks led sectoral gains, with the realty index climbing for a fifth consecutive session to emerge as the top Nifty gainer. Prestige Estates and DLF rose up to 9% each, driving the sector's outperformance. Oil and gas stocks also rallied sharply, with HPCL, IOC, and Petronet LNG rising up to 8%, while ONGC contributed to the sector's advance.
Among heavyweight stocks, HDFC Bank traded at ₹751.00, Reliance Industries at ₹1,350.90, and ICICI Bank at ₹1,216.50. Top gainers included Nestlé India (₹1,218.80, up from ₹1,190.00), Bajaj Finserv (₹1,678.90, up from ₹1,635.00), and Grasim (₹2,625.30, up from ₹2,545.00). PowerGrid edged higher to ₹295.60 from ₹294.90.
GIFT NIFTY Session Recap
GIFT NIFTY opened at 23,631.0 and rallied steadily through the day, touching an intraday high of 24,096.0 before settling at 24,090.5. The contract traded in a 472-point range between 23,624.0 and 24,096.0, mirroring the cash market's strength. After a subdued overnight session that saw the contract drift lower to 22,925.0 by early morning, GIFT NIFTY surged sharply from the 09:00 IST open, gaining over 750 points in the first hour on the back of gap-up opening in Indian equities.
The contract remained well-supported above 23,800 through the morning, then accelerated past 23,900 by midday as buying intensified. A late-session dip around 15:00 IST saw GIFT NIFTY briefly slide toward 23,943.0, but strong demand returned in the final two hours, pushing the contract to its session high of 24,096.0 by 18:00 IST.
| Metric | Level |
|---|---|
| Open | 23,631.0 |
| High | 24,096.0 |
| Low | 23,624.0 |
| Last Traded Price | 24,090.5 |
| Change | +991.5 (+4.29%) |
GIFT NIFTY heads into Session II at 24,090.5, positioned near its intraday peak and signaling sustained bullish momentum as global investors digest the impact of the US-Iran ceasefire on risk appetite and crude oil prices.