NSE's derivatives segment traded a full five session week. Futures turnover came to INR 546,315.4 crores and options premium turnover to INR 497,468.5 crores. The Nifty 50 rose 8.37%, from 23,098.9 to 25,032.4, and Bank Nifty rose 7.58%, from 54,823.4 to 58,979.4, one of the strongest weeks for both indices in this series so far. Here is the detail, based on insights from bhavcopydata.com.
Futures, the week's biggest names cover shorts while the rest build fresh longs
Unlike last week, no futures contract expired partway through this week, so the standard close to close comparison from Friday 30 October to Friday 6 November holds cleanly across every contract that cleared INR 1 crore of turnover. Of the 631 stock futures contracts that met that bar, 436 landed in Long Buildup, 148 in Short Covering, 43 in Short Buildup, and just 4 in Long Unwinding, a market where most names saw either rising conviction or shorts being bought back, and very little outright long selling.
A clear pattern splits the two biggest categories. The index heavyweights that carried the most turnover this week almost all covered shorts rather than built fresh longs. Reliance Industries Limited (RELIANCE) led Short Covering and the whole futures lane by turnover, its November contract rising 13.01% on INR 22,392.1 crores as open interest fell 8.48%. HDFC Bank Limited (HDFCBANK) rose 13.82% on INR 16,005.6 crores as open interest fell 12.71%, ICICI Bank Limited (ICICIBANK) rose 12.06% on INR 12,951.7 crores as open interest fell 11.38%, State Bank of India (SBIN) rose 5.70% on INR 12,582.1 crores as open interest fell 0.35%, and Bharti Airtel Limited (BHARTIARTL) rose 6.16% on INR 7,098.6 crores as open interest fell 5.53%. Mahindra and Mahindra Limited (M&M) rose 14.41% as open interest fell 10.20%, and Bajaj Finance Limited (BAJFINANCE) rose 14.94% as open interest fell 13.63%, both on turnover above INR 5,000 crores.
Reliance Industries Limited (RELIANCE) also shows a second, opposite pattern in its far month contract. While the near month contract covered shorts, the December contract rose 13.03% on INR 3,727.4 crores as open interest more than doubled, up 104.23%, fresh longs building in the far month at the same time shorts were being bought back in the near month, consistent with positioning rolling forward rather than a change in conviction.
Away from the index heavyweights, Hindalco Industries Limited (HINDALCO) led Long Buildup by turnover, rising 7.74% on INR 5,105.7 crores as open interest rose 8.56%. Divi's Laboratories Limited (DIVISLAB) rose 5.15% on INR 3,934.1 crores as open interest rose 17.34%, Tata Steel Limited (TATASTEEL) rose 10.48% on INR 3,411.9 crores as open interest rose a modest 0.83%, Bharat Forge Limited (BHARATFORG) rose just 1.22% on INR 3,140.6 crores as open interest rose a sharp 22.55%, and Sun Pharmaceutical Industries Limited (SUNPHARMA) rose 4.43% on INR 3,014.2 crores as open interest rose 28.31%.
PI Industries Ltd (PIIND) was the week's sharpest single stock futures move, falling 17.32% on INR 1,668.3 crores of turnover as open interest rose 43.75%, the clearest Short Buildup of the week. Infosys Limited (INFY) fell a flat 0.13% on INR 4,922.8 crores as open interest still rose 7.12%, Tata Consultancy Services Limited (TCS) fell 0.12% on INR 3,941.0 crores as open interest rose 11.81%, and Laurus Labs Limited (LAURUSLABS) fell 2.10% on INR 3,486.0 crores as open interest rose 3.34%, a reversal after its 21.28% rally the week before. Long Unwinding stayed the smallest category by far, led by MphasiS Limited (MPHASIS), down 0.37% on INR 2,254.6 crores as open interest fell 9.12%.
Options, Bank Nifty's put call ratio keeps climbing even as the index rallies
Tuesday 3 November was the Nifty weekly options expiry. The expiring contract's put call ratio by open interest moved from 1.6238 on the prior Friday to 1.6684 on Monday and closed at 1.9262 at expiry, on a combined INR 134,404.2 crores of turnover across the two days. The following week's contract, expiring Monday 9 November, became the front week contract once Tuesday's contract expired, its put call ratio climbing from 1.0737 on Wednesday to 1.6528 by Friday's close, on INR 238,624.6 crores of turnover across the week, the single busiest options contract on the site this week.
Bank Nifty had no expiry of its own this week, its November monthly contract live across all five sessions, which makes its put call ratio move more telling. The ratio rose every single day, from 0.9543 on the prior Friday to 0.9630 on Monday, 0.9712 on Tuesday, 0.9953 on Wednesday, 1.1562 on Thursday and 1.2424 on Friday, puts building steadily in open interest even as Bank Nifty itself rose 7.58% over the same stretch, on INR 7,412.7 crores of turnover on Friday alone. A rising put call ratio alongside a rallying index usually points to protective hedging rather than outright bearish bets, though insights from bhavcopydata.com cannot distinguish the two from the open interest data alone. The Nifty Financial Services index (FINNIFTY), the smallest of the three indices tracked here, carried a combined INR 261.3 crores of premium turnover across the week, a fraction of either Nifty or Bank Nifty's single busiest day.
Among single stocks, Reliance Industries Limited (RELIANCE) options were the most active at INR 4,862.9 crores of premium turnover, consistent with its position at the top of the futures lane the same week, followed by HDFC Bank Limited (HDFCBANK) at INR 2,159.7 crores, State Bank of India (SBIN) at INR 2,151.9 crores, Multi Commodity Exchange of India Ltd (MCX) at INR 1,488.7 crores, and BSE Limited (BSE) at INR 1,406.7 crores.
Smart money crossover, a modest match in PI Industries
PI Industries Ltd (PIIND) is the one name this week where large trade activity and futures positioning line up, though the signal is modest rather than dramatic. Graviton Research Capital LLP bought and sold within INR 1.3 crores of each other in the stock's cash market on Thursday, a close to flat net sell rather than a clear exit, detailed in full in our main weekly wrap. The same week, the stock's futures contract fell 17.32% as open interest rose 43.75%, the sharpest short buildup in the lane. The cash market activity on its own would not read as a strong signal, but paired with the scale of the futures move, whether this turns into a clearer net exit is something to track in the coming weeks.
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 2 to 6 November 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.