# Nifty futures historical lot size information

How can you say it doesn’t matter? Don’t you do research or backtesting on index??

This data has been shared in one of the posts above. Adding the circulars and sharing it again below -

Nifty Futures contracts started trading on June 12, 2000 and Nifty Options contracts started trading on June 4, 2001 (as per NSE website). The lot size changed as follows -

From Date To Date Lot size Reference Circular
June 12, 2000 / June 4, 2001 March 31, 2005 200 NSE/F&O/001/2000 / NSE/F&O/0010/2001
April 1, 2005 February 22, 2007 100 NSE/F&O/096/2005
February 23, 2007 October 30, 2014 50 NSE/F&O/010/2007
October 31, 2014 August 27, 2015 25 NSE/F&O/069/2014
August 28, 2015 April 29, 2021 75 NSE/F&O/071/2015
April 30, 2021 Present day (aka May 16, 2021) 50 NSE/F&O/028/2021
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I’ve been looking for a solution for this to backtest the covered call strategy, and I think I’ve found a workaround. I might be wrong, so please correct me if I am.

Here’s what I did:

Go to the NSE website: https://www1.nseindia.com/products/content/derivatives/equities/historical_fo.htm

Choose, Stock Options, Reliance, choose the year as 2012, select the January expiry, select option type as CE, leave the strike price blank, and keep the start date and end date constant - 2nd Jan, 2012.

You get the historical data. Now look at the OI and Change in OI columns and browse through it.
Look for the lowest figure in these two columns. Here, it is 250.

If you observe carefully, all the numbers in the OI column and the change in OI column are in multiples of 250.
This means the lot size of Reliance in Jan 2012 must have been 250.

If you similarly do the same for Jan 2016 expiry, and select start and end dates as 4th Jan, 2016, you’ll see the lowest number in the OI and Change in OI column is 500. And all the numbers here are in multiples of 500.

So in Jan 2016, the lot size of Reliance must have been 500.

I compared it with current lot sizes. Checked NAUKRI for the June 2021 expiry and chose the date as 2nd June, 2021. The lowest number in the OI column is 250. However, if you browse through the column, you will realise that the numbers are NOT in multiples of 250, but in multiples of 125.

To verify this, you can change the date to 3rd June, 2021 - and you’ll now spot the lowest number in the OI / change in OI column as 125.

So you derive that the lot size of NAUKRI currently is 125.
And this happens to be correct.

Hope this helps.

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