In a major move in the field of global trading in India, the popular SGX Nifty will be re-branded as GIFT NIFTY from today July 3 and all the derivative contracts worth $7.5 billion, formerly traded in Singapore, will switch to India in Gujarat. Starting of financial operation of GIFT NIFTY will be a significant step in the shifting of the base Singapore Exchange to the NSE International Exchange (NSE IX) in Gandhinagar, Gujarat. GIFT NIFTY started today will run its operations in two trading sessions , In first session it will run from 6.30 am to 3.40 pm and in second session from 5 pm to 2.45 am, according to Indian time. With launch of GIFT NIFTY, shifting the entire base from Singapore Exchange to NSE International Exchange in Gandhinagar Gujarat is considered as an important step in global financial sector. Trading has closed on SGX Nifty.
GIFT City has emerged as new financial hub in Gujarat, which the government intends to develop as a competitor of other global financial centres of Dubai, Mauritius, and Singapore.
The recent move is set to come into effect after the resolution of a five-years-old feud between the National Stock Exchange of India Ltd came to an end. It holds special significance for India’s trade market and Gujarat’s GIFT city.
Importance of SGX Nifty transformation into GIFT Nifty for India
Four products of GIFT Nifty: The umbrella brand will include a total of four products, which are GIFT Nifty 50, GIFT Nifty Bank, GIFT Nifty Financial Services and GIFT Nifty IT derivative contracts.
