NSE to roll pre-open session in F&O: Check details, timings, method, impact & more
The National Stock Exchange of India shall be introducing a pre-opening session for equity futures & options (F&O) from December 08, 2025.
- Nov 5, 2025,
- Updated Nov 5, 2025 9:16 AM IST
The National Stock Exchange of India (NSE) shall be introducing a pre-opening session for equity futures & options (F&O) from December 08, 2025, aiding traders for better price discovery in the index and stock future before the regular trading session from 9.15 onwards. However, one should note the move shall be rolled out for futures only, not options.
The move of NSE aligns the derivatives market with the equity cash market’s pre-open call auction. It said it will use a similar 15-minute window to improve price discovery and manage volatility and the prices shall be settled at any random moment between 9.07-9.08 am. The pre-opening session will follow a call auction format.
The period for 9.00 am to 9.15 am shall be allocated as order entry period, which can be used for placing, modification and cancellation of the order. This shall be followed by a price discovery and a trade match period from 9.08 am to 9.12 am. A three-minute buffer will transition the market to continuous trading at 9:15 am.
"The pre-open session is applicable to current-month futures on both single stocks and indices. In the last five trading days before the current month expiry, this session shall be extended to next month futures contracts," said the exchange in its circular. "Both limit and market order are allowed. Special term orders like stop loss and IOC shall not be allowed."
It marks a meaningful development aimed at improving price discovery and liquidity in the derivatives market. This change comes at a time when F&O positioning has gained momentum, with traders actively monitoring upcoming macroeconomic data releases and the next phase of corporate earnings, said Vishnu Kant Upadhyay, AVP- Research & Advisory, Master Capital Services.
The new pre-open window is likely to offer a clearer view of early market sentiment, helping participants gauge the opening trend more efficiently. It may also play a role in reducing the initial volatility that often accompanies the opening bell, particularly on days influenced by overnight global movements, he said.
Pre-open shall not be applicable for spread & option contracts on Indices and stocks and in futures of underlying security on its ex-date of corporate action due to scheme of arrangement, it added. The initiative is positioned as a step to enhance market efficiency and strengthen risk controls in India’s fast-growing derivatives market, which saw record volumes in 2024-25.
Commenting on the same, Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities said that the framework aims to improve price discovery, transparency, and stability at market open, while ensuring margin checks, self-trade prevention, and smooth transition into regular trading.
The National Stock Exchange of India (NSE) shall be introducing a pre-opening session for equity futures & options (F&O) from December 08, 2025, aiding traders for better price discovery in the index and stock future before the regular trading session from 9.15 onwards. However, one should note the move shall be rolled out for futures only, not options.
The move of NSE aligns the derivatives market with the equity cash market’s pre-open call auction. It said it will use a similar 15-minute window to improve price discovery and manage volatility and the prices shall be settled at any random moment between 9.07-9.08 am. The pre-opening session will follow a call auction format.
The period for 9.00 am to 9.15 am shall be allocated as order entry period, which can be used for placing, modification and cancellation of the order. This shall be followed by a price discovery and a trade match period from 9.08 am to 9.12 am. A three-minute buffer will transition the market to continuous trading at 9:15 am.
"The pre-open session is applicable to current-month futures on both single stocks and indices. In the last five trading days before the current month expiry, this session shall be extended to next month futures contracts," said the exchange in its circular. "Both limit and market order are allowed. Special term orders like stop loss and IOC shall not be allowed."
It marks a meaningful development aimed at improving price discovery and liquidity in the derivatives market. This change comes at a time when F&O positioning has gained momentum, with traders actively monitoring upcoming macroeconomic data releases and the next phase of corporate earnings, said Vishnu Kant Upadhyay, AVP- Research & Advisory, Master Capital Services.
The new pre-open window is likely to offer a clearer view of early market sentiment, helping participants gauge the opening trend more efficiently. It may also play a role in reducing the initial volatility that often accompanies the opening bell, particularly on days influenced by overnight global movements, he said.
Pre-open shall not be applicable for spread & option contracts on Indices and stocks and in futures of underlying security on its ex-date of corporate action due to scheme of arrangement, it added. The initiative is positioned as a step to enhance market efficiency and strengthen risk controls in India’s fast-growing derivatives market, which saw record volumes in 2024-25.
Commenting on the same, Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities said that the framework aims to improve price discovery, transparency, and stability at market open, while ensuring margin checks, self-trade prevention, and smooth transition into regular trading.