The GIFT Nifty has completed a month of operations after being shifted to the GIFT IFSC. A total of 14.7 lakh contracts were traded during this period amounting to a total turnover of $57 billion or Rs 4.72 trillion. 

According to the NSE International Exchange (IX) data, the turnover figures for July were greater than that of the preceding months, when the security was being traded at the Singapore Exchange (SGX) as SGX Nifty. 

A total of 8,70,391 contracts were traded in April, totalling a turnover of $18.02 billion or Rs 1.49 trillion. A turnover of $18.41 billion or Rs 1.52 trillion was recorded in May, with 9,78,892 contracts being traded. June witnessed 1.22 million contracts traded with a turnover of nearly $32 billion or Rs 2.65 trillion.

The exchange also announced that GIFT Nifty saw its highest single-day turnover of $12.4 billion or Rs 1.01 trillion, with 314,921 contracts traded. The NSE said these numbers reflect growing participation from global investors.

All dollar-denominated derivative contracts to the tune of $7.5 billion were shifted from Singapore to the NSE International Exchange at GIFT City on July 3 and ceased trading on the SGX.

The GIFT Nifty contracts are accessible for 21 hours, with the first session starting at 6:30 am and up until 3:40 pm. The second session starts at 4:35 pm and continues until 2:45 am, targeting US and European investors.

The GIFT Nifty gives users access to the GIFT Nifty50, GIFT Nifty Bank, GIFT Nifty Financial Services, and GIFT Nifty IT derivatives at the global exchange. 

The NSE IX permits trading members with offices at the IFSC through a subsidiary or branch, whether based in India or elsewhere. By obtaining an NSE IX membership, they can trade in GIFT Nifty items on behalf of clients.