What each participant holds
| who | the book | futures net | calls net | puts net | 5 sessions | 20 sessions | over the month |
|---|---|---|---|---|---|---|---|
| Foreign investors | net short the index | −2,79,827 | −2,07,881 | +4,47,027 | +27,282 | +8,276 | |
| Domestic institutions | long the index, hedged with puts | +36,441 | +19,105 | +81,661 | +191 | +23,895 | |
| Proprietary desks | net long the index | +24,074 | +1,30,863 | −56,647 | +608 | −18,181 | |
| Retail and other clients | net long the index | +2,19,312 | +57,913 | −4,72,041 | −28,081 | −13,990 |
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Where each book sits against its own year
| Book | Against its own year | Over 5 sessions | Over 20 sessions | Cash and futures together |
|---|---|---|---|---|
| Retail and other clients | 90 in 100 | −28,081 | −13,990 | not both books yet |
| Domestic institutions | 31 in 100 | +191 | +23,895 | added cash holdings and index longs together |
| Foreign investors | 9 in 100 | +27,282 | +8,276 | reduced cash holdings while covering index shorts |
| Proprietary desks | 79 in 100 | +608 | −18,181 | not both books yet |
Where each book sits against its own past year, and how it has changed — never the size of it. The foreign futures book has been net short on nearly every session since 2012 because those investors hold Indian shares and hedge them, so the size on its own says what they own rather than what they expect. The last column needs both the cash and the futures side of the same session. The foreign futures book sits lower than on all but 9 sessions in 100 of the past year, over 252 past sessions.
One reading for both indices: the exchange publishes this once a session and in aggregate, never split by index.
By where NIFTY was trading
the book has grown most on sessions in the 25,500–25,750 band and shrunk most in the 24,500–24,750 band.
| where NIFTY was | added | shed | net | sessions |
|---|---|---|---|---|
| 22,000–22,250 | 1,168 | 44,904 | 5 · too few | |
| 22,250–22,500 | 18,774 | 44,266 | 9 · too few | |
| 22,500–22,750 | 1,29,360 | 52,068 | 17 · too few | |
| 22,750–23,000 | 1,62,053 | 82,344 | 18 · too few | |
| 23,000–23,250 | 1,52,500 | 1,67,227 | 27 | |
| 23,250–23,500 | 72,363 | 1,87,897 | 31 | |
| 23,500–23,750 | 1,94,950 | 3,04,834 | 33 | |
| 23,750–24,000 | 3,10,513 | 2,79,677 | 36 | |
| 24,000–24,250 | 2,53,078 | 3,00,650 | 52 | |
| 24,250–24,500 | 2,96,246 | 1,69,974 | 47 | |
| 24,500–24,750 | 95,807 | 2,54,148 | 41 | |
| 24,750–25,000 | 1,11,066 | 1,55,866 | 38 | |
| 25,000–25,250 | 1,63,751 | 1,44,579 | 40 | |
| 25,250–25,500 | 52,813 | 1,10,873 | 21 | |
| 25,500–25,750 | 1,86,789 | 68,980 | 24 | |
| 25,750–26,000 | 1,83,151 | 1,44,859 | 33 | |
| 26,000–26,250 | 46,958 | 56,255 | 22 | |
| 26,250–26,500 | 15,903 | 0 | 2 · too few |
Over the past 2 years, in bands of 250 points. Read as "on sessions NIFTY spent here, the index book grew" — never as "they bought NIFTY futures at that level".
By how far NIFTY was from its own average
the book has grown faster on sessions above the average than below it.
| where NIFTY was | added | shed | net | sessions |
|---|---|---|---|---|
| far below average | 27,15,440 | 29,14,064 | 397 | |
| well below | 13,81,384 | 16,68,585 | 224 | |
| below | 6,47,084 | 18,44,080 | 149 | |
| around the average | 16,52,083 | 17,69,531 | 224 | |
| above | 20,45,875 | 12,46,108 | 224 | |
| well above | 21,69,973 | 25,07,953 | 336 | |
| far above average | 1,37,37,808 | 1,29,10,173 | 2,061 |
3,616 sessions, from 21 Feb 2012.
India VIX against NIFTY
with the option market busy, NIFTY has moved about 1.4% either way over the following five sessions — 581 past cases
| when the option market was | VIX, typically | what NIFTY did next, five sessions | moved more than 2% | what the option market asked for | past cases |
|---|---|---|---|---|---|
| very calm | 12.7 | 1.0% either way | 19 in 100 | 1.8% | 796 |
| calm | 14.5 | 1.3% either way | 28 in 100 | 2.0% | 523 |
| ordinary | 16.0 | 1.4% either way | 31 in 100 | 2.3% | 559 |
| busytoday | 16.3 | 1.4% either way | 35 in 100 | 2.3% | 581 |
| very busy | 19.4 | 1.7% either way | 43 in 100 | 2.7% | 572 |
the option market asked for 0.9 percentage points more than the index went on to deliver.
Overnight and global
2026-09-07 to 2026-10-16, 30 sessions. Every panel starts at 100 on its own first session and is drawn on the same scale, so the shapes compare; the figure beside each name is the actual move.
| series | last | over the window | sessions |
|---|---|---|---|
| GIFT Nifty (NSE IX futures) | 23,096.50 | −3.58% | 30 |
| S&P 500 | 7,718.94 | +0.68% | 30 |
| Nasdaq 100 | 29,950.82 | +2.77% | 30 |
| Dow Jones Industrial Average | 51,621.48 | −2.71% | 30 |
| Nikkei 225 | 67,744.29 | +2.02% | 30 |
| Hang Seng | 24,314.17 | −3.94% | 30 |
| CBOE VIX | 16.87 | +17.81% | 30 |
| US Dollar Index | 102.55 | +3.59% | 30 |
| USD / INR | 95.29 | +0.84% | 30 |
| US 10-year Treasury yield | 5.09 | +6.87% | 30 |
| Brent crude | 106.06 | +11.03% | 30 |
| Gold | 4,184.80 | −6.69% | 30 |