The combined turnover on the exchanges — both cash and F&O segments — touched an all-time high of Rs 6.86 lakh crore on Tuesday. The day was also marked by benchmark indices gaining over 1%.
The record turnover was aided by a sharp surge in F&O volumes on BSE. At Rs 3.36 lakh crore, the turnover in BSE F&O segment exceeded that of NSE F&O segment, an anomaly of sorts considering the NSE’s F&O segment typically corners more than 75% of the combined derivatives turnover on any given day.
On Tuesday, put options of 24,400 and 24,600, trading at a premium of Rs 3.80 and R5.45, together accounted for Rs 3.13 lakh crore of turnover. On Tuesday, the cash turnover on NSE stood at Rs 17,564.33 crore, while the cash turnover on BSE stood at Rs 3,608.48 crore.
Yogesh Radke, the head of quantitative research at Edelweiss said BSE’s Liquidity Enhancement Incentive (LEIPS) programme may have triggered the surge in the turnover on BSE F&O segment. Market regulator Sebi had granted permission to stock exchanges in June 2011 to introduce Liquidity Enhancement Schemes (LES) to improve liquidity of illiquid scrips by offering incentives to market makers (MMs) and general market participants (GMPs). The LEIPS-S&P BSE SENSEX-Futures and the LEIPS- S&P BSE SENSEX Options programme were launched on May 30, 2014.