Trading activity in India’s derivatives market saw an unusual shift in April, with the National Stock Exchange of India witnessing lower futures and options volumes during the month, while the BSE Limited reported stronger turnover growth.
As per news reports, the decline in NSE’s activity was largely linked to market holidays coinciding with its weekly and monthly contract expiry schedule.
NSE’s derivatives contracts expire on Tuesdays, and 2 trading holidays during the April period fell exactly on expiry days: Shri Mahavir Jayanti on March 31 and Dr Baba Saheb Ambedkar Jayanti on April 14.
Since BSE’s contracts expire on Thursdays, its trading cycle remained unaffected during the same period. This resulted in a temporary divergence in derivatives activity between the 2 exchanges.
According to market experts, the holiday timing played a significant role in altering reported turnover patterns for the month.
During April, BSE surpassed NSE across key equity derivatives metrics. BSE’s notional average daily turnover rose 20% month-on-month to ₹269 lakh crore. In contrast, NSE’s notional average daily turnover declined 26% to ₹217 lakh crore.
A similar trend was visible in total contracts traded. BSE reported 351 crore contracts during the month, reflecting a 26% increase, while NSE recorded 289 crore contracts, down 22% from the previous period.
As a result, BSE’s share in notional turnover increased to 55%, while NSE’s share stood at 45% during April.
Despite the April decline, NSE maintained strong momentum over the broader quarter. Its index options market share increased steadily from 66.7% in January to 72.1% in March, representing a rise of 540 basis points during the first quarter of calendar year 2026.
The quarterly trend indicates that the April weakness was linked more to calendar-related disruptions rather than any broader structural slowdown in derivatives trading activity.
Read More: NSE Reports 8% Rise in Q4 FY26 Profit to ₹2,871 Crore; Total Income Jumps 22% to ₹5,360 Crore!
The April derivatives data reflected the impact of expiry-day holidays on NSE’s trading volumes, temporarily benefiting BSE’s activity levels, while NSE continued to retain stronger underlying momentum over the broader quarter.
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Published on: May 7, 2026, 9:58 AM IST
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