GIFT Nifty: SGX Nifty’s New Avatar to be Available for 22-Hour Trading
Starting July 3, GIFT Nifty, the new avatar of SGX Nifty, will be available for trading 22 hours a day. The new trading hours will allow more global investors to trade primarily in US dollar-denominated Nifty futures contracts. The proposal being considered will allow trading in GIFT Nifty – Dollar – denominated Nifty futures contracts from 4 am to 2 am the next morning. As of now, the trading in SGX Nifty is done for 16 hours, between 6:30 AM to 10:30 PM, and is closely watched by traders as an early indicator of the likely opening of the Indian market.
The extended trading hours will increase liquidity and allow more foreign investors to gain exposure in India. The settlement of the business will take place in GIFT City. The proposal is being considered due to the increasing incidents of financial terrorism, and to deal with any such incident before the opening of the market.
All open positions in SGX Nifty on June 30, 2023, will automatically shift to NSE IFSC as part of the liquidity switch. The proposed trading hours will enable more global investors to trade in Nifty futures contracts and increase the liquidity of the market.
In conclusion, the proposed trading hours for GIFT Nifty is expected to increase liquidity, enable more foreign investors to gain exposure in India, and deal with any financial terrorism incidents before the market’s opening.
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