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Business News/ Markets / Stock Markets/  GIFT Nifty achieves all-time high monthly turnover of $88.10 billion for May 2024
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GIFT Nifty achieves all-time high monthly turnover of $88.10 billion for May 2024

GIFT Nifty recorded a new milestone in achieving the highest Open Interest (OI) of $17.81 billion on May 28, 2024, surpassing its previous record of $16.96 billion on May 27, 2024.

GIFT Nifty has set an all-time high monthly turnover of $88.10 billion for May. (Image Credit: iStock)Premium
GIFT Nifty has set an all-time high monthly turnover of $88.10 billion for May. (Image Credit: iStock)

GIFT Nifty has surpassed its previous month's feat and set an all-time high monthly turnover of $88.10 billion for May 2024. The benchmark recorded a new milestone in achieving the highest Open Interest (OI) of $17.81 billion on May 28, 2024, surpassing its previous OI record of $16.96 billion on May 27, 2024. 

Trading turnover on NSE IX has grown since GIFT Nifty commenced full-scale operations on July 3, 2023. Since then, GIFT Nifty has witnessed a total cumulative volume of over 18.49 million contracts and a total cumulative turnover of US $766.06 billion until May 28, 2024, according to NSE IX.

Also Read: Indian stock market: 6 key things that changed for market overnight - Gift Nifty, US stocks, to rise in Treasury yields

NSE IX offers a diversified portfolio of products including single stock derivatives, index derivatives, currency derivatives, depository receipts and global stocks. It is an international multi-asset exchange established at GIFT City on June 5, 2017.

The exchange provides a comprehensive range of primary market products including listing of equity shares, SPAC, REITs, InvITs, depository receipts, debt securities and ESG debt securities under the regulatory framework of the International Financial Services Centre Authority (IFSCA). 
 

Stock Market Today

Falling for the fifth day in a row, benchmark equity indices Sensex and Nifty tumbled nearly one per cent each on Thursday, May 30, due to heavy sell-off in metal, consumer durables and select IT shares amid the monthly expiry of derivatives contracts. Election jitters also weighed on market sentiments.

Sensex, which had opened lower at 74,365.88, remained volatile between a low of 73,668.73 and a high of 74,493.55. At close, the 30-stock BSE Sensex was at 73,885.60, down 617.30 points, or 0.83 per cent.

Also Read: Lok Sabha Elections 2024 Trading Strategy: Analysts predict Nifty to shine above 23,000; Here's how to trade on June 4

Similarly, the Nifty 50, which had opened lower at 22,617.45, traded between a high of 22,705.75 and a low of 22,417.00, through the day. At close, Nifty 50 was at 22,488.65, down 216.05 points, or 0.95 per cent. The broader market also ended in the red, with the BSE SmallCap down 1.33 per cent and the BSE MidCap down 1.21 per cent.

The overall market capitalisation of the firms listed on the BSE dropped to nearly 410.4 lakh crore from nearly 4,15.1 lakh crore in the previous session, making investors poorer by about 4.7 lakh crore in a single session.

 

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 30 May 2024, 08:51 PM IST
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