Connect with us
DAPA Banner

Business

Did BSE really overtake NSE in F&O turnover? Here’s why the math may be misleading

Published

on

Did BSE really overtake NSE in F&O turnover? Here's why the math may be misleading
Recent reports suggested that the BSE overtook the National Stock Exchange (NSE) in the derivatives segment for the first time in April, drawing significant attention from market participants. But a closer look at the underlying data indicates that the shift appears more technical than structural.

At first glance, BSE’s notional derivatives turnover jumped to about Rs 5,377 lakh crore in April, up nearly 26% month-on-month, while NSE’s turnover dropped to around Rs 4,338 lakh crore, a 21.6% decline. This created the impression that BSE had briefly taken the lead in India’s largest trading segment.

However, analysts say this comparison is misleading. The primary issue lies in how derivative activity is measured.

Notional turnover, which multiplies contract value by underlying index levels, can exaggerate volumes when index prices are higher. Analysts point out that such calculations can distort comparisons by as much as 19 percentage points, making one exchange appear larger even if actual trading activity is not proportionally higher.

Advertisement

Instead, premium turnover — the actual money paid for options contracts — is considered a more reliable measure and is widely used by regulators like Sebi and institutional investors. On this basis, NSE continues to dominate.


In April, NSE retained 86.8% share in overall F&O premium turnover and 62.9% share in index options, even in what was described as a “holiday-distorted” month.
The distortion came from the structure of expiry days, which are critical drivers of derivatives volumes.NSE’s flagship Nifty contracts expire on Tuesdays. In April, two key weekly expiry sessions were lost due to holidays, directly hitting volumes on the exchange. In contrast, competing contracts with Thursday expiries for BSE were unaffected, temporarily boosting activity elsewhere.

Brokerage ICICI Securities highlighted a similar trend in its note. NSE’s options premium average daily turnover fell to Rs 64,500 crore in April, down more than 31% from March, largely due to fewer expiry days. In contrast, BSE’s premium turnover remained largely stable at Rs 33100 crore, showing only marginal growth.

The same pattern was visible in contract volumes. NSE’s average daily options contracts dropped to 142 million in April, down nearly 26% month-on-month, while BSE’s rose to 176 million, up about 20%.

Even then, combined system-wide activity actually declined. Total (NSE+BSE) options premium turnover fell to Rs 97600 crore in April, down 23% from March, suggesting the overall market cooled rather than shifted meaningfully between exchanges.

Advertisement

The broader takeaway is that while BSE has been steadily gaining traction — especially in options contracts — the April crossover in notional turnover does not reflect a structural change in market leadership.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

Airlines cut 13,000 flights in May as jet fuel prices soar

Published

on

Airlines cut 13,000 flights in May as jet fuel prices soar

Airlines have removed nearly two million seats from flights over the month, data from Cirium shows.

Continue Reading

Business

Earnings call transcript: Ternium Q1 2026 beats EPS, revenue expectations

Published

on


Earnings call transcript: Ternium Q1 2026 beats EPS, revenue expectations

Continue Reading

Business

Super League completes Misfits Ads Division acquisition

Published

on


Super League completes Misfits Ads Division acquisition

Continue Reading

Business

Millers group pans petition to tab gluten as major food allergen

Published

on

Millers group pans petition to tab gluten as major food allergen

NAMA questions call to classify oats as gluten-containing grain.

Continue Reading

Business

This Is The Most Powerful Bull Market Since 1999

Published

on

This Is The Most Powerful Bull Market Since 1999

This article was written by

Lawrence Fuller has been managing portfolios for individual investors for 30 years, starting his career at Merrill Lynch in 1993 and working in the same capacity with several other Wall Street firms before realizing his long-term goal of complete independence when he founded Fuller Asset Management. He also manages the Focused Growth portfolio on the new fintech platform called Dub, which is the first copy-trading platform approved by securities regulators in the US, allowing retail investors to copy the portfolio and ongoing trades of the manager they choose automatically. You can also find him on Substack and lawrencefuller.substack.com.He is the leader of the investing group The Portfolio Architect, which focuses on an overall economic and market outlook that complements an all-weather investment strategy designed to produce consistent risk-adjusted market returns. Features include: Portfolio construction guidance, access to an “All-Weather” model portfolio and a dividend and options income portfolio, a daily brief summarizing current events, a week ahead newsletter, technical and fundamental reports, trade alerts, and 24/7 chat. Learn More.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Lawrence Fuller is the Principal of Fuller Asset Management (FAM), a state registered investment adviser. He is also the manager of the Focused Growth portfolio on the copy-trading platform Dubapp.com. Information presented is for educational purposes only intended for a broad audience. The information does not intend to make an offer or solicitation for the sale of purchase of any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. FAM has reasonable belief that this marketing does not include any false or material misleading statements or omissions of facts regarding services, investment, or client experience. FAM has reasonable belief that the content as a whole will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Past performance of specific investment advice should not be relied upon without knowledge of certain circumstances or market events, nature and timing of investments and relevant constraints of the investment. FAM has presented information in a fair and balanced manner. FAM is not giving tax, legal, or accounting advice.
Mr. Fuller may discuss and display charts, graphs, formulas, and stock picks which are not intended to be used by themselves to determine which securities to buy or sell, or when to buy or sell them. Such charts and graphs offer limited information and should not be used on their own to make investment decisions. Consultation with a licensed financial professional is strongly suggested. The opinions expressed herein are those of the firm and are subject to change without notice. The opinions referenced are as of the date of publication and are subject to change due to changes in market or economic conditions and may not necessarily come to pass.

Advertisement

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Continue Reading

Business

Scope Systems in cyber incident

Published

on

Scope Systems in cyber incident

A Perth company that provides software systems to the mining and resources sector has been targeted in a cyber incident.

Continue Reading

Business

Soybean oil, ethanol lift ADM in first quarter

Published

on

Soybean oil, ethanol lift ADM in first quarter

Margins strengthen amid “constructive commodity and margin environment.”

Continue Reading

Business

Pret A Manger opens first UK drive-thru in Warrington

Published

on

Business Live

Chain expanding into UK travel hubs

Pret A Manger's first ever drive-thru shop in Warrington, just off junction 21 of the M6.

Pret A Manger’s first ever drive-thru shop in Warrington, just off junction 21 of the M6(Image: Pret A Manger)

Pret A Manger has launched its first drive-thru restaurant.

Advertisement

The outlet opened in Warrington, just off junction 21 of the M6 on Tuesday in partnership with Motor Fuel Group.

It marks a trial format for the brand as it extends its footprint across transport and travel hubs throughout the UK.

Out of Pret’s 500 UK locations, it currently runs 220 in airports, railway stations and motorway service stations across the country, 35 of which are managed by Motor Fuel Group.

The drive-thru features a single vehicle lane and indoor seating for up to 48 guests, alongside EV charging facilities and customer lavatories.

Advertisement

Diners can choose from Pret’s complete breakfast and lunch menu, with popular snacks also on hand alongside coffee and other hot and cold beverages, including smoothies.

Pret’s president for the UK and Ireland Ross Warnes said: “Travel hubs and roadside locations present a huge growth opportunity for Pret, making the launch of our first drive-thru a natural next step in our expansion.”

Jack Tindall, head of food service operations at Motor Fuel Group, said: “As Pret’s largest UK franchise partner, opening Pret’s first ever drive-thru is a major milestone for our partnership.

“We’re incredibly proud to be part launching this new format for Pret and look forward to serving the Warrington community.”

Advertisement
Continue Reading

Business

Economist Gary Shilling warns US recession is ‘almost inevitable’ in 2026

Published

on

Economist Gary Shilling warns US recession is 'almost inevitable' in 2026

Gary Shilling, the legendary forecaster known for his bearish accuracy and being fired from Merrill Lynch for predicting the 1969-70 recession, is sounding the alarm on a 2026 economic collapse.

In a recent interview with Business Insider, Shilling warned that a U.S. recession is “almost inevitable” by year-end, driven by a “frozen” housing market, corporate investment indicators and a weakening consumer base.

Advertisement

“Stocks are very expensive and there probably is a major correction coming somewhere in the relatively near future,” Shilling said. “A decline of 20% or 30% is no big deal by historical standards. So I would say that’s probably in the cards.”

MARKET EXPERT SAYS POTENTIAL FED RATE CUTS COULD SPARK ‘ONE OF THE BIGGEST EXPLOSIONS’ IN U.S. ECONOMY

“I’ve sort of made a career looking for those hidden flaws, and I don’t see anything right now that is just screaming for a big sell-off, but that doesn’t mean it isn’t there,” he added.

Brokers on New York Stock Exchange floor

Traders work on the floor of the New York Stock Exchange during morning trading on May 1, 2026, in New York City. (Getty Images)

Across American real estate, buyers and sellers have been reluctant to make moves as interest rates remain elevated, and mortgage loan rates slowly tick down. There is also a lack of affordable inventory and reports of rising foreclosures, signaling homeowners continue to get squeezed.

Advertisement

Shilling also pointed to what he described as a “collapse” in capital expenditures, or large investments that companies expect will last for years and boost overall future value. Business Insider cited that broader capital expenditures grew just 3.9% by the end of 2025, compared with a pandemic peak of 24% capex growth.

The economist spotlighted the state of the U.S. consumer as the third pillar leading to a recession, with the Federal Reserve’s preferred inflation gauge remaining stubbornly high in March, rising 0.7% month-over-month and up 3.5% from a year ago.

When it comes to economic solutions, Shilling said a downturn could be prevented by fiscal stimulus or a strengthening consumer — “both of which he thinks are unlikely.”

Advertisement

“That’s really on very thin ice in terms of income, in terms of people’s willingness to spend,” Shilling said.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Other economists appear divided on the economic outlook for 2026. BNY Wealth Head of Investment Strategy and Equities Alicia Levine said no recession is coming on “Making Money with Charles Payne” last month; around the same time, billionaire investor Leon Cooperman told FOX Business’ Liz Claman that the U.S. is heading toward a recession.

Advertisement

“My own view is, there’s a lot of problems out there. The market’s too highly valued,” Cooperman said.

“It just feels that the market was already weakening going into the Iran conflict,” Levine countered. “Earnings have moved higher since the beginning of the year, 3% higher… that’s what we’re looking at, and we don’t see a recession this year.”

READ MORE FROM FOX BUSINESS

Advertisement
Continue Reading

Business

EasyJet launches new Bristol Airport flight route

Published

on

Business Live

The budget carrier is preparing to add another aircraft to its fleet at the South West airport

An easyJet plane flying in a blue sky

An easyJet plane

Budget carrier easyJet has launched a new flight route from Bristol Airport to Spain. The airline’s new Seville service took off over the weekend and is now operating twice a week – on Tuesdays and Saturdays – to Andalusia’s capital.

The news comes as easyJet prepares to add its 20th aircraft to its fleet at Bristol, and launch new routes to Reus, in Spain, and Thessaloniki, in Greece, this summer.

Kevin Doyle, easyJet’s UK Country Manager, said: “We are delighted to celebrate the launch of our new service from Bristol to Seville, further expanding the range of routes and destinations available for our customers in the South West at fantastic fares.

“Our continued success in Bristol is a clear testament to the popularity of our flights and holidays and the growth of our fleet with an additional aircraft this summer will further unlock the opportunity of the demand that we see for both leisure and business travel.”

Advertisement

Rupert Lawrie, commercial director at Bristol Airport, added: “We are thrilled to welcome easyJet’s new route to Seville. This Spanish city is an incredible place, renowned for its rich history, vibrant culture and world-famous architecture. Not only is it a great base to explore all the leisure opportunities that southern Spain has to offer, but it opens up even more links for European visitors to the South West.

“It also plays an important role in connecting regional businesses with key international markets, including global leaders such as Airbus. We’re proud to continue working with easyJet expanding travel opportunities for all of our customers and making it easier to explore and connect.”

In April, easyJet Holidays chief executive Garry Wilson told its customers they could be “confident” bookings with the company would “go ahead as planned” without extra surcharges amid rising fuel costs caused by the Middle East conflict.

“We know that holidaymakers may have questions about what recent global events might mean for their travel plans this summer, so we are giving our customers absolute peace of mind that no surcharges will be added to their flights or package holidays,” he said at the time.

Advertisement

Last month, easyJet warned the impact of the Iran war would likely hit its profits. The company expects an increased pre-tax loss of £540-£560m for the six months to March.

But the airline typically generates more revenue in the second half of the year, which includes the busy summer season.

Continue Reading

Trending

Copyright © 2025