What is the meaning of the abbreviation NIFTY in the stock market?

The NIFTY stock index's official name is Standard & Poor's CRISIL NSE Index 50, or S&P CNX Nifty. It's been nicknamed "Nifty Fifty" or "Nifty." It does NOT stand for "Neat Informative Flexible Timely Yours," no matter what the internet claims. There is a program named that, but it's not this index.

Dictionary meaning of NIFTY as adjective is Very good.