what is gift nifty index

GIFT Nifty is a financial index that serves as an indicator for the Indian stock market. It was rebranded from SGX Nifty and shifted to the new International Financial Services Centre (IFSC) in Gandhinagar, Gujarat. GIFT Nifty is a derivative contract of the Nifty index, which is traded on the NSE International Exchange located at GIFT City in Gujarat, India. It is a dollar-denominated futures contract based on the Nifty 50 index, and is traded on the NSE IFSC exchange. The index allows FII’s and other individuals to invest in Nifty Futures. Hedge funds and institutional investors use Gift Nifty to hedge their exposure to the Indian stock market, while traders use it to speculate on the future direction of the Nifty 50 index. Gift Nifty operates in two trading sessions, the first session runs from 4:30 am to 2:00 pm IST, and the second session is from 3:30 pm to 11:30 pm IST.