GIFT Nifty: Meaning, Price, Futures & Timings

GIFT Nifty is a rebranded derivative of the earlier SGX Nifty and represents India’s effort to centralise offshore derivatives trading under its own financial jurisdiction—GIFT City. It has become an important benchmark for pre-market sentiment on Indian equity markets.

GIFT Nifty refers to Nifty futures contracts that are traded on NSE International Exchange (NSE IX), a wholly owned subsidiary of the National Stock Exchange, located in GIFT City (Gujarat International Finance Tec-City). The term GIFT Nifty means the offshore trading of Nifty index derivatives within India’s international financial services framework.

These contracts were introduced following the transition of Nifty derivatives trading from the Singapore Exchange (SGX Nifty) to NSE IX, with the objective of consolidating such activity under Indian regulatory oversight. GIFT Nifty is denominated in US dollars and follows defined trading sessions, commonly referred to as GIFT Nifty trading time, which span multiple market hours across global time zones.

GIFT is an acronym for Gujarat International Finance Tec-City, the international financial hub where NSE IX operates.

GIFT Nifty represents an offshore derivatives framework for Nifty index futures that operates from GIFT City under Indian regulatory oversight. In this context, GIFT Nifty means the consolidation of earlier offshore Nifty futures trading into an India-based international financial centre.

• GIFT Nifty structure: GIFT Nifty refers to Nifty futures contracts traded on NSE International Exchange (NSE IX) at GIFT City, operating under Indian regulatory oversight.
  

• Extended trading framework: GIFT Nifty operates across two trading sessions, providing near round-the-clock price indications aligned with global market movements.
  

• Settlement denomination: Contracts are USD-denominated and cash-settled, consistent with international derivatives market practices.
  

• Regulatory supervision: Trading activity is governed by the International Financial Services Centres Authority (IFSCA), ensuring alignment with Indian regulatory standards.
  

• Market reference role: GIFT Nifty functions as a reference indicator for overseas market sentiment related to Indian equities before domestic market hours.
  

• Platform accessibility: Price data and contract information are available through NSE IX and other market data platforms that support international derivatives tracking.

To understand what is GIFT Nifty, it is also necessary to examine how its trading hours are structured, as the contract is designed to operate across extended time windows compared to earlier offshore benchmarks. The GIFT Nifty trading time framework allows futures contracts to be traded across multiple global market overlaps.

GIFT Nifty trading is conducted in two distinct sessions, together covering nearly 21 hours in a trading day:

• First session (IST): 6:30 AM to 3:40 PM

• Second session (IST): 4:35 PM to 2:45 AM (next day)

These sessions enable continuous price discovery across Asian, European, and US market hours. The structure differs from the earlier SGX Nifty, which followed a single-session trading model with comparatively limited time coverage.

By operating through extended sessions, GIFT Nifty aligns offshore Nifty derivatives trading with global market timelines while remaining within the regulatory framework of NSE International Exchange at GIFT City.\

GIFT Nifty introduces structural changes to how Nifty-linked derivative contracts are accessed, traded, and settled within an offshore framework anchored in India. These changes influence market participation, trading continuity, and regulatory alignment rather than individual trading outcomes.

Key characteristics associated with GIFT Nifty include:

• Extended trading window: The two-session structure allows Nifty futures trading to continue across Asian, European, and early US market hours, aligning price discovery with global market movements outside Indian exchange timings.
  

• USD-denominated settlement: Contracts are settled in US dollars, which aligns the product with international derivatives conventions and supports participation from offshore institutions operating in foreign currency markets.
  

• Indian regulatory oversight: Trading on NSE International Exchange places the contracts under the supervision of the International Financial Services Centres Authority (IFSCA), shifting oversight from overseas regulators to an Indian regulatory framework.
  

• Access through multiple platforms: GIFT Nifty contracts are available through NSE IFSC–linked platforms and select global and domestic market interfaces, expanding points of market access compared to the earlier SGX-only structure.
  

• Liquidity and price formation: Consolidation of offshore Nifty futures trading within a single exchange framework influences order flow concentration, bid–ask spreads, and price discovery mechanisms.

Together, these elements reflect a shift in how offshore Nifty derivatives are structured and governed, with implications for market accessibility, regulatory control, and global participation in India-linked equity futures.

SGX Nifty futures were discontinued following the migration of Nifty-linked offshore derivative trading to GIFT Nifty on July 3, 2023. This transition resulted from an arrangement between Indian and Singaporean exchanges to consolidate trading activity within India’s international financial services framework at GIFT City.

Under the revised structure, Nifty index derivatives are traded on NSE International Exchange (NSE IX) and fall under the regulatory oversight of the International Financial Services Centres Authority (IFSCA). The change reflects a shift in trading venue and regulatory jurisdiction rather than an expansion or enhancement of the product itself.

Price and market data for GIFT Nifty are disseminated through multiple authorised market and financial information platforms. These sources publish contract prices generated on NSE International Exchange (NSE IX) and reflect trading activity during both sessions.

Common sources where GIFT Nifty data is published include:

• NSE International Exchange (NSE IX): The primary exchange source providing official price dissemination, contract specifications, and trading session information.
  

• Brokerage and trading platforms: Platforms such as Groww, Angel One, and similar intermediaries display GIFT Nifty prices as part of their derivatives market coverage.
  

• Market data and analytics platforms: Services such as TradingView and Investing.com publish charts, historical price series, and standard market indicators based on exchange feeds.

The data made available across these platforms may include real-time or near real-time prices, historical contract data, volume information, and standard charting views. The nature and frequency of updates may vary depending on the platform’s data agreements and display policies.

This section outlines the commonly used channels through which GIFT Nifty price information is disseminated to market participants.

GIFT Nifty contracts are listed and traded on the NSE International Exchange (NSE IX) within the International Financial Services Centre at GIFT City. The contracts are denominated in US dollars and are structured as index futures linked to the Nifty index.

Trading takes place through recognised exchange mechanisms, where orders are matched electronically in accordance with prescribed exchange rules. All transactions are settled on a cash basis, with gains or losses adjusted in US dollars at the end of the settlement cycle. No physical delivery of underlying securities forms part of the exchange process.

Clearing and settlement are carried out through authorised clearing corporations under the regulatory oversight of the International Financial Services Centres Authority (IFSCA). The exchange framework follows globally accepted market practices while remaining subject to Indian regulatory standards applicable to IFSC exchanges.

GIFT Nifty shows a shift from SGX Nifty by centralising Indian futures trading at GIFT City, offering features such as enhanced access, transparency, and extended trading hours. It marks a pivotal step toward integrating India more deeply into global financial markets, while ensuring onshore regulatory oversight.

This content is for informational purposes only and the same should not be construed as investment advice. Bajaj Finserv Direct Limited shall not be liable or responsible for any investment decision that you may take based on this content.