The SGX Nifty which is set to be rechristened as Gift Nifty from July 3rd onward, is likely to be available for trading for 22 hours a day. All US dollar-denominated Nifty derivatives contracts will be exclusively traded on NSE IFSC-backed Gift Nifty from next month.
According to Moneycontrol, the being considered is to allow trading in GIFT Nifty — dollar-denominated Nifty futures contracts — from 4 am IST till 2 am IST the following morning.
At present, the trading hours of SGX Nifty are up to 16 hours which begins at 6.30 am IST and ends at 10.30 pm IST.
Last month, in a circular the Singapore Exchange said, the full-scale operation of the NSE IFSC-SGX Connect with the transition of SGX Nifty derivatives to NSE IFSC will take place on 3 July 2023. Following the transition, all US dollar-denominated Nifty derivatives contracts will be exclusively traded on NSE IFSC.
By the end of June 30, 2023, all open positions in SGX Nifty will automatically shift to NSE IFSC Nifty as part of the liquidity switch, according to the SGX.
SGX Nifty is seen as an early indicator for dictating the Indian market. Sensex and Nifty 50 begin their trading session from 9.15 am and continue till 3.30 pm. There are 15 minutes more added as pre-market opening and after-closing hours.
Market participants would also have immediate access to NSE IFSC market data in addition to this. NSE IFSC is an exchange located at IFSC in GIFT City, Gujarat, and is a fully owned subsidiary of NSE.
Gift Nifty is NSE’s IFSC-SGX Connect Nifty Index, which is traded in NSE International exchange, at IFSC, Gift City Gujarat, India.
Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Download The Mint News App to get Daily Market Updates.
Updated: 16 Jun 2023, 09:05 PM IST