Industry

NSE opens bourse at GIFT City

Trading to be allowed on derivative contracts

The National Stock Exchange (NSE) on Monday unveiled its exchange at Gift City.

The exchange will see trading on derivative products based on stocks, indices, precious metals and currencies.

The exchange, NSE IFSC, will have two trading sessions initially. The market timings will be gradually extended based on demand. The first session will be between 8 a.m. and 5 p.m. Session two will start at 5:30 p.m. and end at 11:30 p.m.

The trading hours will overlap with the timings in London and Dubai markets. This will allow investors to react to news developments over a longer period of time, said a release from the exchange.

Incidentally, a large section of market players has been demanding longer trading hours in the equity market in India especially since the commodity markets are open for longer hours.

According to the statement, trading will begin with stock derivatives on 10 stocks, index derivatives on Nifty, Nifty Bank and Nifty IT indices along with derivatives on gold, silver and currency pairs such as euro-dollar and pound-dollar.

The stocks on which derivative contracts will be available initially are Axis Bank, HDFC Bank, ICICI Bank, Infosys, Larsen and Toubro, Maruti, Reliance Industries, SBI, Tata Motors and TCS.

The NSE IFSC Ltd and NSE IFSC Clearing Corporation Ltd have been formed as 100% subsidiary companies of NSE and National Securities Clearing Corporation Limited respectively.

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Printable version | Feb 21, 2020 2:37:21 PM | https://www.thehindu.com/business/Industry/nse-opens-bourse-at-gift-city/article18724363.ece

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