Underlying Index Performance: The primary driver is the Nifty 50 Total Return Index's performance. A rise in the index typically increases the ETF's price, and vice versa.

Supply and Demand: Market forces of supply and demand directly influence the ETF's market price. Higher demand relative to supply leads to a price increase.

Expense Ratio & Tracking Error: The ETF's expense ratio and how accurately it tracks the index (tracking error) impact its returns and thus, its price over time.

NAV (Net Asset Value): NAV reflects the collective value of the underlying assets. Significant deviations between the ETF price and NAV usually get corrected through arbitrage.

Market Sentiment: General investor sentiment towards the Indian stock market, particularly Nifty 50 companies, can impact demand and therefore the ETF's price.

Dividend Payouts: Dividends distributed by the companies in the Nifty 50, and passed on by the ETF, can subtly affect the price, usually a temporary dip after distribution.

Global Economic Factors: Global economic events and trends that influence the Indian stock market can indirectly influence the ETF's price.

Rupee Exchange Rate: Fluctuations in the INR exchange rate (if the ETF invests in international assets indirectly) could impact the ETF's value.