SGX Nifty Becoming Gift Nifty
The Singapore Exchange Nifty (SGX Nifty) was a key market indicator for the Indian equity market's performance. Traded on the Singapore Exchange, SGX Nifty 50 futures and options allow investors to speculate on the NIFTY's movements during non-Indian trading hours.
As of 3rd July 2023, the SGX Nifty has officially rebranded to GIFT Nifty. All derivative contracts worth $7.5 billion have been migrated from the Singapore Exchange to the NSE International Exchange (NSE IX) in Gandhinagar, Gujarat.
If you are interested to find out more details of SGX Nifty becoming Gift Nifty, click to read the article.
Can International Traders Trade GIFT Nifty through SGX?
The short answer is yes, international traders can trade GIFT Nifty through SGX.
According to OutlookIndia, SGX IFSC India Connect has been set up to help facilitate trading and execution. It serves as a special-purpose vehicle company of SGX to direct all international trade orders to NSE IX. The trades executed will be cleared and settled through NSE IFSC Clearing Corporation (NICCL), while SGX-DC will serve as the central counterparty for SGX clearing members.
As per NSE IX, registered or non-registered traders, from India or abroad, can participate in GIFT City Nifty trading by establishing their office through a subsidiary and obtaining NSE IX membership.
Traders can trade GIFT Nifty through Orient Futures International Singapore. Orient Futures Singapore holds membership at the Singapore Derivatives Exchange (SGX), which makes it accessible for traders to do futures trading under SGX.
SGX GIFT Connect Nifty 50 Index Futures Contract Specifications
The SGX GIFT Connect Nifty Futures Contract has the following specifications:
The SGX GIFT Connect Nifty Futures Contract has a minimum price fluctuation of:
Screen Trading: 0.5 index points, Non-Leading Month Trading: 0.01 index points.
Contract months are on March, June, September, and December.
The last trading day of the last Thursday of the Expiry Month.
SGX GIFT Connect Nifty Futures symbol: NIFTY
Trading Hours for SGX Gift Nifty
The SGX Nifty trading hours will be open in two sessions and will be accessible for almost 21 hours.
One session is from 6:30 am to 3:40 pm, while the second session is from 4:35 pm to 2:45 am.
Compared to SGX Nifty, which traded for 16 hours from 6:30 am to 10:30 pm, the expanded timings of SGX Gift Nifty offer greater overlap with trading hours in Asia, Europe, and the US.
SGX Gift Nifty Performance After Transitioning from SGX Nifty
According to Business Standard, SGX GIFT Nifty, formerly known as SGX Nifty, achieved its highest-ever turnover of $12.4 billion (Rs 1 trillion) on July 25th, less than one month after its official launch. The number of contracts traded also reached a record high at 314,000. Additionally, they reported that open positions, in terms of the number of contracts and their value, exceeded those of the first day of full-scale operations by 32 percent and 35 percent, respectively.
The Economic Times also reported that domestic equities on September 13th responded positively to robust macro data, including strong IIP growth and lower inflation, which helped the Nifty close above the 20k mark for the first time.
SGX GIFT Nifty Market Outlook
Economic Times reported that the Nifty index has demonstrated resilience and strength, achieving record highs. This positive sentiment has been reinforced by robust Put writing at the 20,100 level, indicating a bullish outlook among market participants. As long as Nifty remains above the key psychological level of 20,000, the overall trend is anticipated to remain favorable.
In the short term, there is the potential for Nifty to advance toward the 20,480-20,500 range on the upside. This suggests that traders and investors are optimistic about the market's near-term prospects, and there is a possibility of further upward movement.
Visit Orient Futures Singapore’s blog for the latest futures and forex trading Singapore news. Orient Futures Singapore is a MAS Regulated Forex broker.
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