F&O markets saw INR 912,784.0 crores of futures turnover this week, more than triple the prior week's figure, and INR 219,229.2 crores of options premium turnover, roughly in line with the prior week despite the futures surge. The Nifty 50 fell 1.17%, from 23,414.3 to 23,140.5, and Bank Nifty fell 1.58%, from 56,470.65 to 55,580.4. The September monthly contracts expire next Tuesday, and that expiry pulled a large share of the week's activity toward rolling positions from the near month into October. Here is the detail, based on insights from bhavcopydata.com.
Futures, turnover surges as positioning rolls toward October
Daily futures turnover climbed every single session this week, from INR 67,176.6 crores on Monday to INR 97,374.5 crores on Tuesday, INR 110,614.0 crores on Wednesday, then a sharp jump to INR 295,068.5 crores on Thursday and INR 342,550.4 crores on Friday, more than five times Monday's level. That climb lines up with the approach of next Tuesday's monthly expiry, when open interest in the September contract has to close out or roll forward into October.
Comparing open interest and price from Friday 18 September to Friday 25 September, and keeping only contracts with at least INR 1 crore of turnover across the week, this rollover shows up as a near mechanical split by expiry rather than a fresh directional signal. Open interest fell in nearly every September contract regardless of price direction, 133 landing in long unwinding and 82 in short covering, simply because that contract closes out next Tuesday. Fresh open interest instead built almost entirely in the October and November contracts, 148 landing in long buildup and 275 in short buildup between the two. Nifty (NIFTY) itself shows the pattern plainly, its September contract in long unwinding, open interest down 33.1% on a 0.82% price fall, while its October contract shows short buildup, open interest up 163.8% on a 0.92% price fall. Bank Nifty (BANKNIFTY) and Nifty Next 50 (NIFTYNXT50) followed the same shape, and Midcap Nifty (MIDCPNIFTY) fell hardest of any index this week, down 3.34% on its September contract and 3.74% on October, both with the same near month unwind, far month buildup split.
Because nearly every liquid stock rolled this same way this week, price direction across both expiries is the more useful signal than the buildup label alone. HDFC Bank Limited (HDFCBANK) stayed bullish on both contracts for a second straight week, its September contract up 0.59% on INR 21,733.6 crores of turnover, the single largest contract on the site, and its October contract also up 0.59% on INR 16,899.5 crores. Vodafone Idea Limited (IDEA) reversed completely from the short buildup anchor it was last week, up 0.99% on its September contract and 0.92% on October, both with open interest building rather than closing out. JSW Steel Limited (JSWSTEEL), Eternal Limited (ETERNAL), Tata Steel Limited (TATASTEEL), Laurus Labs Limited (LAURUSLABS) and Dixon Technologies (India) Limited (DIXON) all showed the same bullish shape on both expiries.
On the other side, Reliance Industries Limited (RELIANCE), ICICI Bank Limited (ICICIBANK), Axis Bank Limited (AXISBANK), Bharti Airtel Limited (BHARTIARTL), State Bank of India (SBIN) and Bajaj Finance Limited (BAJFINANCE) all fell on both expiries, existing September longs closing out and fresh October shorts building in their place. PB Fintech Limited (POLICYBZR) stood apart from the rest of the list, its September contract down 33.67% on INR 4,666.7 crores of turnover, the sharpest single stock move on the site this week, with open interest still building rather than unwinding, fresh money positioning for more weakness rather than existing longs capitulating.
We checked whether any of this week's largest net buy names in block and bulk deals also showed up building futures positions in the same direction this week. None did, so there is no crossover to report.
Options, Nifty sentiment swings without a clear trend
The put call ratio by open interest on the Nifty's most active weekly expiry opened at 1.4646 on Monday, on the contract expiring the next day, then fell to 0.8768 on that expiry day itself. The following week's contract took over as the active one on Wednesday at 1.0162, dropped to 0.7225 on Thursday, then closed the week at 0.9255 on Friday, a choppier path than the steady climb toward puts seen the week before. Bank Nifty's ratio, on one contract for the full week, drifted from 0.97 on Monday to 0.79 on Friday, more call buying relative to puts even as the index itself fell.
Options premium turnover totalled INR 219,229.2 crores this week. The Nifty's weekly expiry was again the most active contract on the site, INR 37,899.1 crores of turnover on Tuesday's expiry day alone. Away from the indices, PB Fintech Limited (POLICYBZR) options were by far the most active on any single stock, INR 2,435.5 crores of premium turnover on the September expiry plus a further INR 524.3 crores on October, more than double the next name. BSE Limited (BSE) followed at INR 951.8 crores, then HDFC Bank Limited (HDFCBANK) at INR 866.5 crores, Multi Commodity Exchange of India Limited (MCX) at INR 697.7 crores, Reliance Industries Limited (RELIANCE) at INR 615.2 crores, Solar Industries India Limited (SOLARINDS) at INR 575.8 crores and One97 Communications Limited (PAYTM) at INR 529.0 crores.
Track the full daily breakdown on the Futures and Options pages. More insights are on bhavcopydata.com.
All figures are from NSE end of day futures and options data for 21 to 25 September 2026, as published on bhavcopydata.com. See the Futures and Options pages for the full daily breakdown, and follow the author at @psanivarapu or prashanthsanivarapu for more.