The Indian equity market, with its ever-evolving dynamics, witnessed a monumental milestone on September 24, 2024. GIFT Nifty, the benchmark index of India’s equity market, reached an all-time high Open Interest of $20.84 billion (equivalent to Rs 174,275 crore). This achievement underscores the market’s growing significance and the expanding global participation in Indian financial instruments.
On September 24, 2024, GIFT Nifty not only set an open interest record of 399,188 contracts worth $20.84 billion but also registered a single-day turnover of $22.72 billion (INR 190,026 crore equivalent), marking a new era for the Indian market’s growth trajectory. This surpasses its previous open interest record of $18.50 billion, achieved just a day earlier on September 23, 2024.
Such continuous growth highlights the increasing confidence of global investors in India’s burgeoning financial markets. This is further reflected in the total cumulative volume since the full-scale operation of GIFT Nifty began on July 3, 2023, which has reached over 26.61 million contracts, resulting in a cumulative turnover of $1.15 trillion.
The growing participation in GIFT Nifty is a clear indicator of the trust that international investors have in the Indian equity market. The exponential rise in trading turnover and open interest positions has firmly established GIFT Nifty as the cornerstone of India’s equity market. As the market expands, GIFT Nifty will continue to be a reliable barometer of India’s financial prowess on the global stage.
NSE IX (International Exchange) is a multi-asset international exchange located in GIFT City, Gandhinagar. Launched on June 5, 2017, and regulated by the International Financial Services Centre Authority (IFSCA), NSE IX offers a wide range of products, including derivatives on Indian single stocks, indices, currency, and global stocks.
With its growing product portfolio and increasing global participation, NSE IX has received significant regulatory exemptions that allow U.S. customers to trade in derivatives listed on the exchange. This regulatory clarity has paved the way for even broader global participation in India’s financial markets.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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