Mumbai’s financial landscape just witnessed a blockbuster moment as GIFT Nifty shattered trading records on Friday. Clocking an unprecedented 4,57,989 contracts, the index raked in a staggering $23.48 billion—equivalent to roughly ₹2.13 lakh crore—in turnover. This milestone eclipses the previous high of $22.88 billion set on January 23, 2024, underscoring the explosive growth in India’s equity derivatives market.
Since its full operations kicked off on July 3, 2023, at the NSE International Exchange (NSE IX) in GIFT City, the platform has seen trading volumes skyrocket. Cumulative figures now stand at over 60 million contracts traded, with total turnover surpassing $2.76 trillion. Market experts hail this as proof that GIFT Nifty has evolved into a vital benchmark mirroring India’s booming equity story.
The surge reflects heightened participation from global investors in India-linked derivatives traded at GIFT City. NSE IX, established in 2017 and regulated by the International Financial Services Centres Authority (IFSCA), commands over 99.6% market share in GIFT IFSC. Its diverse offerings span Indian single stock derivatives, index products, currency derivatives, depository receipts, and global stocks.
Looking back, October saw GIFT Nifty’s monthly turnover hit another peak at $106.22 billion across 2.11 million contracts, topping the prior record. Exchange officials expressed delight at the achievement, thanking traders and investors for propelling this contract to new heights. As India positions itself as a global financial hub, GIFT Nifty’s trajectory signals even brighter prospects ahead.