According to data from BSE and NSE exchanges, cumulative volumes for futures and options trades stood at ₹2.55 lakh crore in April 2026 and ₹2.56 lakh crore in May this year. This represents a significant decline from the ₹3.10 lakh crore executed in March 2026, but remains largely unchanged compared to earlier months. As reported by The Economic Times, Ashish Nanda of Kotak Securities noted that while March was an exceptional month, April and May volumes don't appear significantly worse when compared to other months.
The data reveals specific weakness in certain futures segments following the STT hike. According to The Economic Times analysis, April index futures volumes were lower than 9 out of 12 previous months, while stock futures volumes were lower than 6 of the previous 12 months. However, the overall futures market showed resilience with volumes remaining at par with earlier months despite the tax increase.
In contrast to futures performance, options trading demonstrated remarkable stability and strength following the STT hike. As reported by The Economic Times, options volumes remained more than 9 out of the previous 12 months for both index and stock options, with May showing particularly strong performance. This resilience in options trading suggests that investors are continuing to participate in derivatives markets despite the higher tax burden.
Union Finance Minister Nirmala Sitharaman announced the STT increases in February 2026, stating that the government could not remain silent as speculative 'satta' in derivatives inflicts heavy losses on small retail investors. According to The Economic Times, the Finance Minister raised STT on futures to 0.05 percent from 0.02 percent, while STT on options premium and exercise increased to 0.15 percent from 0.125 percent. The government aims to deter excessive speculation while respecting legitimate market activity and protecting small investors from heavy losses.
