Underlying Index Performance: The primary driver is the NIFTY 50 index's performance. A rise in the NIFTY 50 will generally lead to a price increase in the ETF, and vice versa.

Supply and Demand: Market forces of supply and demand for the ETF units impact its price. Higher demand than supply typically pushes the price up, while higher supply than demand pushes it down.

Expense Ratio: The ETF's expense ratio, while small, affects the return and indirectly influences the price over time. A lower expense ratio is generally more favorable.

Tracking Error: This refers to the difference between the ETF's returns and the NIFTY 50's returns. Lower tracking error implies a more accurate reflection of the index performance.

NAV: The Net Asset Value per unit reflects the intrinsic value of the ETF's holdings. Significant deviations between the ETF price and its NAV can create arbitrage opportunities.

Market Sentiment: Overall investor confidence and market sentiment regarding Indian equities can affect demand for the ETF.

Global Economic Factors: Global economic events and trends that affect Indian markets can indirectly impact the ETF's price.