The GIFT Nifty platform on NSE IX reached a record single-day turnover of $23.67 billion on September 25. This surge shows that global investors are increasingly using the platform to trade Indian market indices, with record open interest reflecting deeper international participation in the Indian equity narrative.
The GIFT Nifty platform, operated by the National Stock Exchange International Exchange (NSE IX), recorded its highest-ever single-day turnover of $23.67 billion on September 25. This milestone follows a period of steady growth for the platform since it began full-scale operations in July 2023, replacing the earlier offshore trading structure in Singapore.
Surge in Trading and Open Positions
The volume of trades hit 512,023 contracts on September 25, highlighting the scale of activity now flowing through the Gujarat-based exchange. Along with the turnover, the platform reported open interest—which represents the total number of unsettled derivative contracts—at a record $21.87 billion, or roughly ₹2.10 lakh crore. For investors, high open interest is a key indicator of market depth, as it shows that participants are holding larger positions and maintaining long-term exposure to the Indian market.
Why Global Participation Matters
The consistent rise in activity at NSE IX is largely driven by its ability to attract global investors. Regulatory exemptions, which allow US-based participants to trade in these derivative contracts, have been a major factor in bringing more international liquidity to the platform. By centralizing Indian derivative trading within GIFT City, the exchange has created a more unified marketplace for foreign institutions looking to hedge their India exposure.
Strategic Importance of the Platform
The growth of GIFT Nifty comes at a time when India’s exchange infrastructure is seeing greater global visibility, exemplified by the recent listing of the National Stock Exchange of India (NSE) on the BSE on September 24. For the broader Indian market, the success of NSE IX provides a more efficient and regulated way for international capital to flow into the country.
As the platform matures, it continues to expand its offerings, including plans to integrate other asset classes like debt securities and Real Estate Investment Trusts (REITs). The primary monitorable for investors going forward will be whether this momentum in global participation persists, especially during periods of high volatility in international markets, and how effectively the exchange manages the onboarding of new global institutional clients.