What is the Daily Turnover of NSE vs BSE in Recent Years?
NSE handles over 90 percent of India's equity cash market turnover, averaging about 75,000 crore rupees daily in FY 2024-25, while BSE averages around 6,000 crore rupees. In derivatives, NSE's dominance is even greater with daily notional turnover exceeding 300 lakh crore rupees.
NSE and BSE Daily Turnover: The Numbers That Matter
Picture this. Two stock exchanges operate in the same country, listing many of the same companies. Yet one handles over 90 percent of all equity volume-analysis/volume-analysis-fando-traders-india">trading volume. The other handles less than 10 percent. That is the reality of nse-and-bse/best-ways-nse-bse-ensure-smooth-trade-settlement">NSE and BSE in India today.
The nifty-and-sensex/nifty-sectoral-indices-constructed-represent">National Stock Exchange (NSE) reported an average daily equity etfs-and-index-funds/etf-brokerage-stt-calculation">turnover of roughly 75,000 crore rupees in FY 2024-25. The sebi-regulators">market regulations india">Bombay Stock Exchange (BSE) reported an average daily equity turnover closer to 6,000 crore rupees in the same period. The gap is enormous — and it has been growing for years.
Daily Turnover Comparison: NSE vs BSE (FY 2020 to FY 2025)
The table below shows the average daily turnover for both exchanges in the equity cash segment across recent financial years.
| Financial Year | NSE Avg Daily Turnover (crore rupees) | BSE Avg Daily Turnover (crore rupees) | NSE Share (%) |
|---|---|---|---|
| FY 2019-20 | 38,000 | 3,800 | 91% |
| FY 2020-21 | 57,000 | 5,200 | 92% |
| FY 2021-22 | 69,000 | 6,500 | 91% |
| FY 2022-23 | 58,000 | 5,000 | 92% |
| FY 2023-24 | 67,000 | 5,500 | 92% |
| FY 2024-25 (est.) | 75,000 | 6,000 | 93% |
These figures cover the equity cash market only. The derivatives segment makes the gap even wider. NSE handles nearly 100 percent of equity currency-and-forex-derivatives/documents-currency-derivatives-india">derivatives trading in India.
Why NSE Dominates Over BSE in Trading Volume
BSE is older. It started in 1875. NSE launched in 1992. Yet NSE overtook BSE within a decade. Several factors explain the gap:
- stock markets">Electronic trading from day one. NSE was built as a fully electronic exchange. BSE relied on open-outcry trading for years before going digital. NSE attracted institutional traders who needed speed and transparency.
- Better liquidity attracts more liquidity. Traders go where they can buy and sell quickly. Once NSE gained a volume lead, more traders shifted there, which made liquidity even deeper. This cycle is hard to reverse.
- Derivatives monopoly. NSE launched Nifty delivery-volume-fando-expiry">futures and options early. The Nifty options contract became the most traded derivatives contract in the world. BSE tried with Sensex derivatives, but volumes never picked up meaningfully.
- Technology advantage. NSE invested heavily in low-latency systems. Its colocation facilities and matching engine speed attracted algorithmic traders who generate a large share of daily volume.
BSE Is Not Irrelevant
Do not write off BSE entirely. It still matters in specific areas.
- Mutual fund transactions. BSE StAR MF is the largest platform for mutual fund transactions in India. Most distributors and direct investors use BSE for buying and redeeming nav-calculated-mutual-fund">mutual fund units.
- SME listings. BSE has a strong SME platform. Many small companies list on BSE first because the listing requirements are more accessible.
- Bond trading. BSE handles a meaningful share of debt/calculate-xirr-corporate-bond-portfolio">corporate bond and g-secs/g-secs-senior-citizens-safe-monthly-income">government securities trading.
- Sensex brand. The Sensex remains India's most recognized market index internationally, even though Nifty is used more by traders and fund managers.
BSE also made a strategic push into the equity derivatives space in 2023 and 2024. Sensex options saw a surge in volume after BSE offered zero-brokerage deals and lower transaction charges. Some months, BSE Sensex option turnover rivalled NSE hedging-stock-portfolio">Nifty options. But sustainability of that volume is still debated.
Derivatives Turnover: Where the Real Money Moves
The equity cash market turnover is large. The derivatives market dwarfs it completely.
NSE's average daily derivatives turnover crossed 300 lakh crore rupees (notional value) in FY 2024-25. To put that in perspective, the derivatives market is roughly 400 times larger than the cash market on NSE.
- Nifty 50 options account for the biggest chunk of this volume.
- Bank Nifty options come second.
- Stock futures and options make up the rest.
BSE's derivatives volume was negligible until FY 2023-24, when Sensex options gained traction. BSE reported significant derivatives turnover in some months, though the exchange-wise split of sustained daily averages still favours NSE heavily.
You can check live market statistics directly on the NSE India website and the BSE India website.
What This Means for You as a Trader or Investor
If you trade actively — especially in derivatives — NSE is your primary exchange. The liquidity there means tighter bid-ask spreads, faster execution, and lower impact cost.
If you invest in mutual funds, you are probably already using BSE through your distributor's platform without knowing it.
If you invest in small-cap or micro-cap stocks, check BSE listings. Some companies are listed only on BSE. You might find opportunities that NSE-only traders miss.
The Turnover Trend Going Forward
Three trends will shape NSE and BSE turnover in the coming years:
- Regulatory changes on derivatives. SEBI has been tightening rules around weekly expiries and mcx-and-commodity-trading/lot-size-mcx-commodity-trading-matter">lot sizes. This could reduce speculative derivatives volume on NSE significantly.
- BSE's competitive push. BSE is pricing its products aggressively. If it sustains low-cost derivatives trading, it could capture a larger slice of the derivatives pie.
- Retail participation growth. India adds millions of new ipos/ipo-application-rejected-reasons-fix">demat accounts every year. More retail investors mean more cash market turnover on both exchanges.
The dominance of NSE is unlikely to change soon. But the gap between NSE and BSE may narrow slightly in derivatives if BSE continues its aggressive strategy. In the cash equity segment, NSE's lead looks permanent for now.
Both exchanges serve different strengths. Smart investors pay attention to both.
Frequently Asked Questions
- What is the daily turnover of NSE?
- NSE's average daily equity cash turnover was roughly 75,000 crore rupees in FY 2024-25. The derivatives segment is much larger, with daily notional turnover exceeding 300 lakh crore rupees.
- Why is NSE turnover so much higher than BSE?
- NSE built a technology-first electronic platform, attracted institutional and algorithmic traders early, and dominated the derivatives market. Higher liquidity on NSE creates a self-reinforcing cycle that pulls more volume away from BSE.
- Is BSE still relevant for investors?
- Yes. BSE leads in mutual fund transactions through its StAR MF platform, has a strong SME listing segment, and the Sensex remains India's most recognized stock market index internationally.
- Which exchange is better for derivatives trading?
- NSE handles nearly all equity derivatives trading in India. Nifty and Bank Nifty options are the most liquid contracts. BSE Sensex options have gained volume recently but are still much smaller overall.
- Will BSE ever catch up to NSE in turnover?
- A full catch-up is unlikely in the near term. NSE's liquidity advantage is deeply entrenched. However, BSE could narrow the gap in derivatives if its aggressive pricing strategy sustains trading volumes.