NSE and BSE Expiry Day Guide 2026: Schedule, Rules, and Trading Tips
NSE expires Nifty every Thursday, BSE expires Sensex every Friday. Get the full 2026 F&O expiry schedule, expiry rules, and tips for trading on expiry day.
Quick Answer: NSE and BSE F&O Expiry Day Schedule
NSE and BSE run separate weekly F&O expiry schedules. Nifty 50 and Bank Nifty contracts (NSE) expire every Thursday. Sensex and Bankex contracts (BSE) expire every Friday. When a Thursday or Friday falls on a market holiday, expiry shifts to the previous trading day.
- NSE weekly expiry: Every Thursday — Nifty 50, Bank Nifty, Midcap Nifty, Fin Nifty
- BSE weekly expiry: Every Friday — Sensex, Bankex
- Monthly expiry: Last Thursday of the month (NSE) and last Friday of the month (BSE)
- Holiday shift rule: If expiry day is a market holiday, expiry moves to the prior trading day
- Key risk on expiry day: Time decay (theta) accelerates sharply — OTM options can lose 80-90% of value in the last hour
- Rollover window: Institutional rollover typically occurs in the last 3-4 days before monthly expiry
Sensex expiry day is now every Thursday on BSE. This is the result of a major restructuring of index derivative expiry schedules implemented by NSE and BSE in August and September 2025.
When Is Sensex Expiry Day?
Sensex weekly options expire every Thursday on BSE. Monthly Sensex expiry falls on the last Thursday of each month. Bankex and Sensex 50 monthly expiries also fall on the last Thursday.
If Thursday is a market holiday, expiry shifts to the previous trading day.
This schedule took effect on September 4, 2025. Before that date, Sensex weekly options expired on Tuesday. BSE moved the expiry to Thursday as part of a coordinated restructuring with NSE, which simultaneously moved Nifty 50 expiry from Thursday to Tuesday.
What Changed: NSE and BSE Expiry Restructuring
In August and September 2025, both exchanges overhauled their derivatives expiry schedules to distribute trading activity across different days of the week:
NSE changes (effective September 2, 2025)
- Nifty 50 weekly expiry: moved from Thursday to Tuesday
- Bank Nifty monthly expiry: moved to last Tuesday
- FINNIFTY and MIDCPNIFTY expiries retained on their respective days
BSE changes (effective September 4, 2025)
- Sensex weekly expiry: moved from Tuesday to Thursday
- Bankex and Sensex 50 monthly expiries moved to last Thursday
Full Index Expiry Calendar (Post-September 2025)
| Index | Exchange | Weekly Expiry | Monthly Expiry |
|---|---|---|---|
| Nifty 50 | NSE | Tuesday | Last Tuesday |
| Bank Nifty | NSE | NA | Last Tuesday |
| FINNIFTY | NSE | Tuesday | Last Tuesday |
| MIDCPNIFTY | NSE | Monday | Last Monday |
| Sensex | BSE | Thursday | Last Thursday |
| Bankex | BSE | Monday | Last Monday |
BSE Expiry Day vs NSE Expiry Day: Key Differences
| Aspect | BSE Sensex Expiry (Thursday) | NSE Nifty Expiry (Tuesday) |
|---|---|---|
| Daily Turnover on Expiry | ₹10,000–₹15,000 crore | ₹2.5–₹3 lakh crore |
| Market Share in Index Options | ~21% | ~79% |
| Liquidity | Significantly lower | Significantly higher |
| Participant Base | Smaller; institutional and select retail | Broadest in India |
The Sensex derivatives market is substantially smaller than the Nifty derivatives market. Daily turnover on BSE Sensex expiry days averages ₹10,000–₹15,000 crore, compared to ₹2.5–₹3 lakh crore on NSE Nifty expiry days. Liquidity is an important consideration for traders choosing between BSE and NSE index derivatives.
How Sensex Expiry Day Works
Sensex expiry day follows the same settlement mechanics as NSE expiry days:
- Final settlement price is based on the average Sensex value during the last 30 minutes of trading (3:00 PM to 3:30 PM IST)
- In-the-money options receive automatic cash settlement at their intrinsic value against the final settlement price
- Out-of-the-money options expire worthless — buyers lose the full premium paid
- No manual position closure is required; settlement is automatic
Why Did BSE Move Sensex Expiry to Thursday?
The objective of the restructuring was to reduce derivatives market congestion. Previously, NSE concentrated significant volume on Thursday (Nifty expiry) and BSE had Sensex expiry on Tuesday. The new schedule distributes expiry activity across Monday, Tuesday, Wednesday, and Thursday — creating distinct liquidity windows for each index.
Analysts projected the schedule change would narrow BSE's market share in index options from approximately 24% to 21%, while NSE would gain additional turnover. The Thursday window for Sensex creates a distinct two-day activity cycle (Wednesday–Thursday) separate from NSE's primary Tuesday expiry cycle.
Sensex Expiry Day for Traders
The same dynamics that apply on NSE expiry days also apply on BSE Sensex expiry day:
- Time decay accelerates sharply on Thursday for near-expiry Sensex options
- Open interest in near-expiry Sensex contracts falls rapidly through the session
- Intraday volatility in Sensex is typically elevated relative to non-expiry sessions
The lower liquidity on BSE compared to NSE means bid-ask spreads on Sensex options can be wider, particularly for strikes further from the money. Traders should factor liquidity into position sizing on BSE expiry day.
Frequently asked questions
When is Sensex expiry day?
Sensex weekly options expire every Thursday on BSE. Monthly Sensex expiry falls on the last Thursday of each month. This schedule took effect on September 4, 2025, when BSE moved its weekly Sensex expiry from Tuesday to Thursday as part of a coordinated restructuring with NSE.
What is BSE expiry day?
BSE expiry day for Sensex options is every Thursday. Bankex also expires on Monday. The settlement works the same as NSE — final settlement price is based on the last 30-minute average of the index. In-the-money options settle at intrinsic value; out-of-the-money options expire worthless.
Why did NSE and BSE change their expiry schedules?
NSE and BSE restructured their expiry schedules in August-September 2025 to distribute derivatives trading activity across different days of the week. Previously, heavy Thursday concentration caused liquidity issues. The new schedule puts Nifty 50 on Tuesday, Bank Nifty on Wednesday, Sensex on Thursday, and MIDCPNIFTY and Bankex on Monday.
How does BSE Sensex expiry compare to NSE Nifty expiry in terms of volume?
BSE Sensex expiry day sees Rs 10,000-15,000 crore in daily derivatives turnover. NSE Nifty expiry day sees Rs 2.5-3 lakh crore. NSE holds approximately 79% of the index options market share; BSE holds approximately 21%. Liquidity on BSE is significantly lower, which affects bid-ask spreads in Sensex options.
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