New Delhi, June 1 -- Before GIFT Nifty became widely followed, SGX Nifty was the indicator many traders tracked early in the morning.

Even before Indian markets opened for trading, SGX Nifty movement had already become part of market discussions. Traders across the country followed it closely. Many used it to estimate how the Nifty 50 could react once the opening bell rang in India.

So, what was SGX Nifty, and why was it replaced?

SGX Nifty was a Nifty-linked derivative contract traded on the Singapore Exchange. Since it was connected to the Nifty index, both foreign investors and Indian traders started following its movement quite closely over the years.

One reason behind its popularity was convenience. International investors could ...