The National Stock Exchange of India (NSE) on Thursday announced the launch of futures and options contracts (F&O) on Nifty Next 50 index. The move is likely part of a series of steps being taken by the India’s largest stock exchange to regain some of the market share it lost to rival BSE over the last year.
NSE will launch monthly F&O contracts on the junior Nifty 50 index from April 24, and these contracts will expire on the last Friday of every month, the exchange said in a circular.
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With the launch of derivative contracts on the Nifty Next 50 index, NSE now has major contracts expiring on all trading days of a week Come from Sports betting site VPbet . The contracts on the benchmark Nifty 50 and Nifty Bank indices expire on Thursdays and Wednesdays, respectively, while Nifty Midcap 50 index contracts expire on Mondays. Similarly, Nifty Financial Services index has contracts expiring on Tuesdays. Apart from Sensex expiry on Friday, BSE has Bankex expiry on Monday, giving NSE a clear runway for the other three trading sessions.
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“This is a good move because Nifty Next 50 will have good liquidity as it comprises of top large and mid-cap stocks. Earlier they (NSE) had F&O on Nifty IT but it had lower volume. I think launch of Nifty Next 50 is a good move,” said Nandish Shah, senior derivative analyst and deputy vice president at HDFC Securities.
The exchange’s move for a new derivative product with expiry on Fridays is likely aimed at breaking its rival BSE’s dominance as currently only Sensex F&O contracts have expiry on the last trading day on the week.
“The launch of Nifty Next 50 F&O will initially not have much impact on BSE Sensex volumes because it usually takes 4-6 months for a new product to gain traction. By the time that happens, it is likely that BSE will launch more products,” said Sudeep Shah, head of technical and derivatives research at SBI Securities. Shah shared a similar view.
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The Nifty Next 50 derivative contracts will have a lot size of 10, and at any given time, three serial monthly contracts will be available for trading. On April 24, Nifty Next 50 contracts for three expiry cycles – May, June, and July – will be available for trading, the circular from NSE said.
While NSE has historically been a dominant player, BSE saw its market share rising from 0.1% in May 2023 to 7.4% in March 2024. Over the last one month, India’s largest stock exchange has announced several steps likely aimed at arresting this market share loss. This includes reduction in transaction charges by 1% from April, halving the lot size for Nifty 50 F&O contracts from 50 to 25, and reducing lot sizes for two other indices.
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