NSE business growth: methods
Code: pipeline/tipsheet/compute/business_growth.py, publish/business_growth.py.
Tests: pipeline/tests/test_business_growth.py.
Bundles: business/*.
The equity-derivatives ratios built on the same source (option premium to cash, put/call ratios, turnover to market cap) live in the derivatives section; see derivatives.md.
What we publish
-
Equity cash market (
business/cash/monthlyfrom Apr 1999,business/cash/yearlyfrom FY 1994-95):- turnover and average daily turnover
- trading days
- trades, and trades per day
- average trade size
- traded quantity
- securities traded
- companies listed, available for trading, and permitted
- market capitalisation
- turnover to market cap, annualised
-
Equity derivatives (
business/fo/monthlyfrom Apr 2009,business/fo/yearlyfrom FY 2009-10):- by product (index futures, index options, stock futures, stock options, India VIX futures): contracts and turnover (notional for options)
- option premium by index and stock options, from Apr 2015
- the premium-basis total
- average premium per index-option contract
-
Every NSE segment, monthly (
business/segments/monthly): turnover and, where NSE reports it, trades.Segment From Equity cash Apr 1999 Equity derivatives Apr 2009 Currency derivatives Aug 2008 Interest-rate futures Aug 2009 Corporate bonds on CBRICS Sep 2007 Wholesale debt market Apr 2009 Commodity derivatives Oct 2018 Tri-party repo Jul 2023 T+0 settlement Mar 2024 Electronic gold receipts May 2026 -
Stat bundles (
business/stats/*):- average daily turnover
- average trade size
- trades per day
- market cap
- companies listed
- turnover to market cap
- monthly option premium
- monthly F&O contracts
Source
NSE’s Business growth historical APIs, collected by the Data bank as nse_business_growth_history. That dataset covers every segment at daily, monthly and yearly frequency.
- Units: the Data bank stores NSE’s displayed value and a value normalised to rupees. We divide money by 10⁷ to get Rs crore.
- Average trade size for the cash market is a per-trade rupee figure and is left as it is.
Recomputed, not copied
- Average daily turnover = turnover ÷ trading days.
- Average trade size = turnover ÷ trades.
NSE’s printed figures are kept next to them (*_nse_*) and agree to within 0.01% (median), with these exceptions:
| Field | When | What NSE prints | Correct |
|---|---|---|---|
| Average daily turnover | Apr 2017 | divides by 22 sessions instead of 18 | 22% higher |
| Average daily turnover | Jun 2017 | — | 5% higher |
| Average trade size | May 2011 | repeats April’s ₹21,281 | ₹20,319 (turnover ÷ trades) |
Checks on the real data (1 Oct 2026 snapshot)
| Check | Result |
|---|---|
| Cash market: complete-FY sums of monthly rows vs NSE’s yearly rows (27 years) | turnover within 0.0002%, trades within 0.08% (rounding in lakh), trading days exact |
| F&O: complete-FY sums vs NSE’s yearly rows (11 years) | contracts, notional turnover and option premium exact |
| F&O: products vs total, every month from Apr 2009 | exact |
| Company counts: companies that actually traded (from our bhavcopy panel, mainboard + SME) vs NSE’s “available for trading”, from 2008 | median 96% (range 92–100%) |
The company-count check shows that NSE’s “available for trading” includes SME companies. We publish our mainboard and SME counts (traded_mainboard, traded_sme) next to NSE’s, so the SME boom since 2017 is visible: from 12 SME companies trading in Mar 2016 to 542 in Mar 2026.
Caveats
- FY 1994-95 is partial. NSE’s capital market segment opened in November 1994, so the year has 102 sessions.
- The latest month can be month-to-date. Bundles carry
latest_month_complete, and stat bundles leave out an incomplete month. - “Securities traded” counts every security with a trade: equities, ETFs, bonds and other series. It is not a count of stocks.
- Notional derivative turnover values options at strike × lot. It measures exposure traded, not money paid; premium is the money.
- NSE only. BSE’s figures are not included.
NSE and BSE together
Bundles: business/exchange/monthly, business/exchange/yearly and business/stats/bse_share_index_opt_premium. Code: compute/exchange_share.py and publish/exchange_share.py; step exchange_share.
Data
- NSE: monthly figures come from the business-growth tables above.
- BSE (derivatives): monthly equity-derivatives Key Statistics, index options as calls plus puts, from 2004 (Data bank
bse_derivatives_business). - BSE (cash): cash turnover for all scrip groups, from 1999-04 (
bse_equity_business).
Rules
- Only complete months are used, and only months both exchanges report.
- Financial-year figures are sums of the months. The current year is marked as year to date.
Why premium: an option’s notional turnover counts the full value of the underlying, so it overstates activity in cheap, far out-of-the-money options. Premium turnover is the money actually paid. Both exchanges publish premium from 2015 (BSE from Sep 2015). From then on, BSE’s missing put-premium rows mean no trades were printed, and we count them as zero.
Check: BSE’s share of Indian index-option premium matches the Data bank’s independent computation from both exchanges’ statistics in every complete year:
| Financial year | BSE share |
|---|---|
| FY24 | 3.4% |
| FY25 | 14.1% |
| FY26 | 27.9% |
| FY27 to date (through Sep 2026) | 34.9% |
Context
- BSE’s index options were near zero from FY17 until Sensex options were relaunched in May 2023.
- Its 25–34% notional share in FY14–FY15 came from liquidity-enhancement incentive schemes, not from end-investor demand.