Lot Size
The multiplier between the number on the screen and the money in your account. It changed in January 2026 for every NSE index; here are the current figures and the rule behind them.
In short: lot size is the number of units of the underlying in one futures or options contract. Every quoted premium, every point of index move and every margin figure is per unit; multiply by the lot size to get the rupee amount per contract. Current NSE index lot sizes after the January 2026 revision: Nifty 65, Bank Nifty 30, FinNifty 60, Nifty Midcap Select 120. Sensex on BSE is 20.
Current lot sizes
| Contract | Lot size | Previous | Strike interval |
|---|---|---|---|
| Nifty 50 (NSE) | 65 | 75 | 50 points |
| Bank Nifty (NSE) | 30 | 35 | 100 points |
| FinNifty (NSE) | 60 | 65 | 50 points |
| Nifty Midcap Select (NSE) | 120 | 140 | 25 points |
| Nifty Next 50 (NSE) | 25 | 25 | 100 points |
| Sensex (BSE) | 20 | 20 | 100 points |
The NSE revision was announced in October 2025 and applied in stages: quarterly and half-yearly contracts from the 30 December 2025 close, weekly Nifty from the 6 January 2026 expiry, and monthly contracts from 27 January 2026. Stock futures and options have their own lot sizes, set per stock and reviewed periodically by NSE; they appear next to each stock on TradePulse's stock pages. Always confirm the current figure against the latest NSE circular before sizing a position.
Why lot sizes change
SEBI requires index derivative contracts to have a minimum value, raised in October 2024 from ₹5 lakh to ₹15 lakh at introduction, with the exchange keeping contract value inside a ₹15–20 lakh band thereafter. Contract value is lot size multiplied by index level. When Nifty rises, a fixed lot pushes the value above the band, so NSE cuts the lot; when Nifty falls, it raises the lot. The rule exists to keep index derivatives sized for participants who can bear the risk, and it is why lot sizes have moved several times since 2024.
Formula
Contract value = lot size × index level
Rupees per lot = quoted premium × lot size
P&L per lot = (exit premium − entry premium) × lot size
Worked example (illustrative numbers)
Suppose NIFTY is at 24,000, Bank Nifty at 52,000 and FinNifty at 26,000.
| Index | Contract value per lot | A ₹150 option costs | A 100-point move is worth |
|---|---|---|---|
| Nifty (65) | 24,000 × 65 = ₹15,60,000 | ₹9,750 | ₹6,500 |
| Bank Nifty (30) | 52,000 × 30 = ₹15,60,000 | ₹4,500 | ₹3,000 |
| FinNifty (60) | 26,000 × 60 = ₹15,60,000 | ₹9,000 | ₹6,000 |
The contract values line up, which is the point of SEBI's rule: one lot of each index carries similar exposure. The premiums and point values do not line up, which is why a ₹150 premium is a very different trade on Bank Nifty than on Nifty, and why a 100-point move on Bank Nifty (0.19%) is a smaller event than the same 100 points on Nifty (0.42%).
Why it matters to an options trader
- It is the first step in sizing. Premium per lot, margin per lot and P&L per point all start from the lot size. A revision changes all three overnight for new contracts.
- It sets the minimum exposure. One lot is the smallest position; with contract values near ₹15 lakh, a single lot of any index is already a meaningful amount of risk.
- It decides which index fits a budget. At similar contract values, Bank Nifty's smaller lot means lower rupee premiums per lot for the same quoted price, while Nifty's larger lot means more rupees per point.
- It affects open-interest reading. NSE reports open interest in units; converting to lots across indices needs each index's lot size, and a comparison made with stale lot sizes is simply wrong.
Common mistakes
- Using last year's lot size. Many guides and spreadsheets still say Nifty 75, Bank Nifty 35 or FinNifty 65. The January 2026 figures are 65, 30 and 60.
- Reading the chain premium as the cost. It is per unit; the cost is premium times lot.
- Forgetting that old contracts keep the old lot during a transition. Revisions apply to newly introduced expiries first; for a few weeks two lot sizes coexist on different expiries.
- Comparing stock and index lots. Stock lot sizes are set so that contract value lands in a different band, and they vary widely between stocks.
Indian-market specifics
- SEBI's October 2024 circular raised the minimum index derivatives contract value to ₹15 lakh at introduction, kept within ₹15–20 lakh thereafter; NSE's lot revisions since then follow from it.
- NSE announces revisions by circular, typically a few months ahead, naming the first expiry on which the new lot applies; quarterly and half-yearly contracts switch first, then weeklies, then monthlies.
- Nifty weekly options expire on Tuesday; Bank Nifty, FinNifty and Midcap Select are monthly only, so a lot revision reaches Nifty traders within a week and Bank Nifty traders at the next monthly roll.
- Stock lot sizes are revised by NSE on a periodic review of each stock's price, with the same principle of keeping contract value in a target band.
FAQ
What is the Nifty lot size now?
65 units since January 2026; Bank Nifty 30, FinNifty 60, Midcap Select 120, Sensex 20.
Why does NSE keep changing lot sizes?
To keep contract value inside SEBI's ₹15–20 lakh band as index levels move.
How do I convert a quoted premium into rupees?
Multiply by the lot size: ₹150 on Nifty is ₹9,750 per lot.
Can I trade less than one lot?
No; all orders are in whole lots.
Premiums per lot on today's chain
The option-chain pages quote premiums per unit from the latest close; the options calculator converts any strike to rupees per lot with the current lot sizes, and the stock pages show each stock's own lot.
Related terms
- Premium, the per-unit price the lot multiplies
- Margin, also quoted per lot
- Bank Nifty and FinNifty contract pages
- Futures Contract