F&O Lot Sizes on NSE
Why one F&O contract isn't one share, how NSE sets lot sizes, and where to find the authoritative current value.
One F&O contract on NSE isn't one share or one index point. It's a fixed number of underlying units called the lot size. Every futures and options trade you place on NSE is for an integer multiple of this lot.
Lot sizes are set by NSE so that one lot of any F&O contract has roughly the same rupee value at the time of listing — currently around ₹5-10 lakh per contract. That keeps F&O exposure roughly comparable across instruments and limits over-concentration in cheap stocks.
Current index lot sizes
NIFTY 50: typically 25 contracts per lot. BANK NIFTY: 15. FIN NIFTY: 40. MIDCAP NIFTY: 50. NIFTY NEXT 50: 25.
These are the most recent values but NSE revises them periodically (typically every 6 months) to keep contract notional values in a reasonable band. Strota's live option chain page for each index always reflects the current authoritative lot.
Stock F&O lots — much more variable
Stock F&O contracts have lot sizes ranging from 25 (Reliance, large-cap) to 3,000+ (Vodafone Idea, low-priced). The formula is roughly: lot size × stock price ≈ ₹5-10 lakh notional.
When a stock's price moves significantly, NSE may revise the lot. Recent example: TATA STEEL split → lot size was adjusted to keep the notional contract value steady.
Always check the Strota stock page for the symbol you're trading — the current lot is displayed in the F&O section.
Why lot sizes matter for position sizing
Lot size determines your minimum trade size. You cannot trade fewer contracts than one lot — there's no fractional F&O on NSE.
Practical implication: a ₹50,000 trading account cannot meaningfully diversify across many F&O positions. One BANK NIFTY straddle (sell ATM call + ATM put) ties up ₹1.5-2 lakh of SPAN margin per lot — already 3-4x a small account.
Account size matters more than strategy sophistication for retail F&O. Below ₹2 lakh, single-leg index options buying is realistically the only feasible play.
Common misreads
- Assuming NIFTY lot size of 25 means a 1-point move is worth ₹25. It's ₹25 per index point, so a 100-point NIFTY move is ₹2,500 per lot — much bigger than it appears.
- Treating stock option premiums as small. A ₹5 premium on a 1,000-lot stock is ₹5,000 per contract — sneaky for new traders.
- Forgetting that LOT size and STRIKE PRICE are independent. A 22,500 NIFTY call has a ₹22,500 strike on a 25-share lot — not a 22,500-share lot.
Key takeaways
- One F&O contract = lot size × 1 unit of the underlying.
- NSE sets lot sizes to target ~₹5-10 lakh contract notional value.
- Index lots: NIFTY 25, BANK NIFTY 15, FIN NIFTY 40, MIDCAP NIFTY 50.
- Stock lot sizes vary widely — always check the live value before trading.
- NSE revises lot sizes periodically; the value can change every 6 months.
Lot-size lookups
I have ₹50,000 in my account — can I trade NIFTY options?
Yes, but only as a buyer of premium and only with extreme position sizing care. One lot of a ₹100-premium NIFTY option ties up ₹100 × 25 = ₹2,500 — that's 5% of your capital on a single trade. Selling NIFTY options requires SPAN+exposure margin of ₹1-1.5 lakh per lot, well beyond a ₹50K account.
Why does Vodafone Idea have a lot size of 50,000?
Because the stock trades around ₹10-15. NSE's lot-sizing rule targets ~₹5-10 lakh notional per contract — so for a ₹10 stock the lot must be 50,000+ shares to reach that target. As the stock price changes, NSE revises the lot in either direction.
How big is one NIFTY lot in rupees right now?
Lot × spot. With NIFTY around 22,000 and lot 25, one futures contract represents ₹5.5 lakh of underlying. One ATM option costs maybe ₹150 × 25 = ₹3,750 in premium but carries the same ₹5.5 lakh of upside/downside exposure.
Where do I find the authoritative current lot for a stock?
Check the Strota /stock/<SYMBOL> page — the F&O section always shows the current value. Or check the NSE option chain page for that symbol. Broker terminals also display it on the order ticket.
If a stock splits 1:2, what happens to the lot?
NSE adjusts the lot upward by the split ratio to keep the contract notional value constant. A 500-lot pre-split becomes 1,000-lot post-split. Existing open positions are auto-adjusted on the corporate-action day.
Can I write covered calls on a stock if I don't own a multiple of the lot?
No. To sell a call against your holding, you need shares equal to at least one lot. If a stock has a lot size of 500 and you own 300, you can't write a covered call on it — you'd be writing an uncovered call, which requires margin.