Average daily turnover (ADTV) in the equity derivatives segment fell to a 14-month low of ₹346.9 trillion in August, according to the data compiled from exchanges. The turnover has declined by 22 per cent from July — the sharpest month-on-month decline since December 2024.
The declines, analysts noted, are on account of the changes implemented through the closing auction session (CAS), which came into effect from August 3.
The last time the market saw a monthly fall of this magnitude was following the December 2024 series, as exchanges continued to grapple with tighter derivatives trading norms rolled out to curb speculation and frenzy in the segment.
Exchange-wise, National Stock Exchanges’s (NSE’s) futures and options (F&O) ADTV fell to ₹193.3 trillion in August from ₹214.3 trillion in July, while BSE’s F&O ADTV declined more sharply to ₹153.6 trillion from ₹232.2 trillion over the same period.
The derivatives slowdown contrasts with the cash market, where activity held broadly steady. Average daily cash turnover on the NSE was ₹1.19 trillion in August against ₹1.20 trillion in July, while BSE’s cash ADTV rose marginally to ₹10,591 crore from ₹9,870 crore.
However, analysts are now seeing a revival in volumes as the impact of CAS stabilises.
“BSE volume is seeing recovery after the impact of CAS. The (turnover) on the first two days of September is 13-15 per cent higher versus the first two days of July and August 2026. In fact, the Tuesday premium (September 1) volume of BSE at ₹117.5 billion is the best Tuesday over the last 13 weeks on Tuesdays, the expiry days,” noted an analyst.
