Mumbai, Sep 25 (IANS): As global investors' confidence grows in the Indian stock market, GIFT Nifty has set an all-time high open interest of $20.84 billion (on September 24), surpassing its previous record of $18.50 billion, it was announced on Wednesday.

GIFT Nifty, which stands as a new benchmark to the growth story of Indian equity market, saw open interest of 399,188 contracts worth $20.84 billion (about Rs 1,74,275 crore), said the National Stock Exchange (NSE).

The continuous increase in open interest highlights the broader participation and reflects the trust of the global investors in GIFT Nifty, the exchange added.

Trading turnover on NSE International Exchange (NSE IX) 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 26.61 million contracts with total cumulative turnover of US $1.15 trillion till September 24, according to the exchange.

The NSE said that it is 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”.

Earlier this month, GIFT Nifty recorded all-time high monthly turnover of $100.13 billion in August, setting a new benchmark to the growth story of Indian equity market. The feat surpassed its previous record of $97.8 billion set in June.

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

There are about 10 crore registered investors on the NSE and out of that, around 22 per cent are female investors.

As per reports, NSE’s valuation could increase ahead of potential initial public offering (IPO). The NSE valuation has likely reached $36 billion (Rs 30,096 crore).