GIFT Nifty

GIFT Nifty (previously known as SGX Nifty) is the futures contract on the Nifty 50 index traded at NSE IFSC (International Financial Services Centre) within the GIFT City (Gujarat International Finance Tec-City) special economic zone in Gandhinagar, Gujarat — India's first and only international financial centre operating under an IFSC regulatory framework. GIFT Nifty replaced SGX Nifty (which was listed on the Singapore Exchange) in July 2023, following an agreement between NSE and SGX to relocate Nifty derivatives trading to India's own IFSC jurisdiction. GIFT Nifty trades in US dollars, is accessible to foreign institutional investors, global hedge funds, and Indian entities with IFSC accounts, and operates extended trading hours covering Asian, European, and partial US market sessions — making it the primary instrument for discovering Nifty 50 price expectations ahead of the Indian market's 9:15 AM opening. Indian retail investors and traders closely monitor GIFT Nifty levels in the pre-market hours — a strong positive GIFT Nifty (significantly above the previous day's Nifty 50 close) suggests a gap-up opening, while a weak GIFT Nifty level suggests selling pressure at open. The relocation of SGX Nifty to GIFT Nifty was a strategic step in developing India's own international derivatives market and reducing India's dependence on offshore financial centres for Indian asset price discovery.