Mumbai, Aug 29 (IANS): In a new benchmark for the growth story of Indian equity market, GIFT Nifty set an all-time high open interest of $18.29 billion on August 27, surpassing its previous Open Interest record of $18.22 billion on June 26 this year, the National Stock Exchange (NSE) said on Thursday.

It set a record Open Interest of 364,710 contracts worth $18.29 billion on August 27. The continuous increase in open interest highlights the broader participation and reflects the trust of the global investors in GIFT Nifty, said the exchange.

The milestone reflects the growing global interest and trust in the GIFT Nifty as a benchmark for India’s growth story.

Trading turnover on NSE IX, an International multi assets exchange set up at GIFT City, has been growing exponentially since commencement of a full-scale operation of GIFT Nifty on July 3, 2023.

Since the first day of full-scale operations, GIFT Nifty has witnessed a total cumulative volume of over 24.71 million contracts with total cumulative turnover of $1.05 trillion till August 27, 2024.

NSE IX offers a diversified portfolio of products including Indian single stock derivatives, index derivatives, currency derivatives, depository receipts and global stocks.

GIFT Nifty, which is traded on the National Stock Exchange (NSE), recorded a new milestone of achieving an all-time high monthly turnover of $95.55 billion (about Rs 7,97,714 crore) in June. This surpassed its previous record of $91.73 billion set in May. The benchmark achieved its highest-ever monthly turnover of 21,23,014 contracts in June.

"We are glad to witness the success of GIFT Nifty and express our sincere gratitude to all the participants for their overwhelming support and for making GIFT Nifty a successful contract," said the NSE.