Share Market Update SGX Nifty Becomes GIFT Nifty Today Key Changes Explained; Big change in stock market from today, SGX Nifty delist; Investors will benefit
All derivative contracts gift transferred to Nifty
Gift Nifty will replace SGX Nifty as the new indicator for the Indian market from today. All derivative contracts worth $7.5 billion, which were earlier traded in Singapore, will be transferred to India’s Gift Nifty from today. As part of this rebranding, a formal agreement will be entered into between the Singapore Stock Exchange and NSE International Financial Service Centre, a wholly-owned subsidiary of NSE, and all new transactions under this agreement will be transferred to Gift Nifty.
Transactions will take place in two trading sessions
Trading will be done in two sessions under the trade of Gift Nifty starting today. The first trading session will continue from 6.30 am to 3.40 pm IST and the second trading session will continue from 5 pm to 2.45 pm making it 21 hours of trading. Trading in GIFT NIFTY50, GIFT NIFTY BANK, GIFT NIFTY FINANCIAL SERVICES and GIFT NIFTY are available for trading from today and with this, there are many changes in Nifty trading which you can know here-
Surprising leap of the stock market, what investors should keep in mind
- All Singapore based traders initially under SGX Nifty will now migrate to Gift Nifty.
- According to these traders now all settlement will henceforth shift to NSE International Financial Services Center which is located at Gift City in Gandhinagar, Gujarat.
- For this, the transfer will be done through a special purpose vehicle which will come under SGX India Connect IFSC or SGX ICI.
- Nifty50 contracts will be matched for trading with NSE IFSC and SGX ICI route will be used for the same.
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How will investors benefit?
With this move, investors will not only get real-time access to NSE-IFC market data, but will also be able to trade dollar-denominated Nifty futures contracts held on SGX at the Gujarat International Finance Tech-City or GIFT City in real-time. Businesses of India will be able to view synchronized time updates.
