GIFT Nifty Today
GIFT Nifty22,873.00+0.53%Nifty 5022,837.85+0.61%Nifty Bank54,572.25+0.56%Dow Futures52,945.00+0.47%S&P 500 Futures7,767.25−0.21%Nasdaq 100 Futures29,717.75−0.87%Nikkei 22564,687.90+1.15%Hang Seng23,111.92+0.07%KOSPI5,974.37−0.63%FTSE 10010,694.50+0.07%DAX25,704.02—Brent Crude113.87−1.26%Gold4,051.500.00%USD/INR95.29+0.07%Dollar Index102.21+0.02%US 10Y Yield5.003%−0.83%
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What Is GIFT Nifty? A Plain-English Guide

What GIFT Nifty is, why it replaced SGX Nifty, how it trades and how to read it before the Indian market opens.

GIFT Nifty in one paragraph

GIFT Nifty is a futures contract on the Nifty 50 index, priced in US dollars and traded on NSE International Exchange (NSE IX) in GIFT City, Gujarat's international financial services centre. Because it trades for about 20 hours a day, starting at 6:30 AM IST, it is the first place India's benchmark index gets priced each morning. Traders watch it to judge whether the Nifty 50 will open higher, lower or flat.

Why it replaced SGX Nifty

For about two decades, overseas investors traded Nifty 50 futures on the Singapore Exchange as SGX Nifty. In July 2023 that business moved to GIFT City under an arrangement between NSE and SGX: orders from Singapore exchange members now route to NSE IX, and the contract was renamed GIFT Nifty. The aim was to bring trading of India's main index derivative back onshore while keeping access for foreign investors. Read the SGX Nifty to GIFT Nifty page for the details.

How GIFT Nifty trades

  • Underlying: the Nifty 50 index of the National Stock Exchange.
  • Currency: US dollars; contract value is USD 2 × the index level.
  • Tick size: 0.5 index points.
  • Sessions: 6:30 AM – 3:40 PM IST and 4:35 PM – 2:45 AM IST. See trading timings.
  • Expiry: monthly, cash-settled.
  • Who trades it: mainly foreign institutions and NRIs, through NSE IX members.

How to read GIFT Nifty before 9:15 AM

Use the percentage change from the previous close. If GIFT Nifty is +0.8% at 9:00 AM, expect a gap-up of roughly that size in the Nifty 50. Comparing the absolute numbers is misleading: as a futures contract, GIFT Nifty normally trades a little above the spot index because of the cost of carry until expiry.

Three habits help:

  1. Check it close to the open. A reading at 7:00 AM can change a lot by 9:00 AM as Asian markets open and news arrives.
  2. Look at the cues behind the move. US futures, the Nikkei and Hang Seng, Brent crude and the rupee usually explain it. Our pre-market report shows them in one place.
  3. Know its track record. GIFT Nifty usually gets the direction right but can miss the size. See the accuracy scorecard.

GIFT Nifty vs Nifty 50 at a glance

FeatureGIFT NiftyNifty 50
What it isFutures contractSpot index
ExchangeNSE IX, GIFT CityNSE, Mumbai
CurrencyUS dollarIndian rupee
Hours (IST)~20 hours, two sessions9:15 AM – 3:30 PM
Main useOverseas exposure, pre-market signalBenchmark of India's top 50 stocks

Questions traders ask

Can resident Indians trade GIFT Nifty?

GIFT Nifty is mainly for foreign investors and NRIs trading through NSE IX members. Resident Indian individuals generally cannot trade it; check the current RBI and IFSCA rules before trying.

What is the GIFT Nifty contract size?

Each GIFT Nifty futures contract is worth USD 2 times the Nifty 50 index level, with a tick size of 0.5 index points. It is cash-settled in US dollars.

When does GIFT Nifty expire?

GIFT Nifty futures have monthly expiries. Several months are listed at once; the near-month contract is the one most people quote.

Is GIFT Nifty a good predictor of the Nifty 50 open?

It is the best single pre-market indicator because it trades through the Asian morning and absorbs global news. It is not perfect: the actual open can differ, especially on news that breaks just before 9:15 AM. Our history page keeps a running scorecard.