Options Expiry Cheat Sheet

A single reference table of the facts every Indian options trader needs about expiry — expiry days, settlement type, settlement-price rule and auto-exercise — in one place.

Expiry Cheat Sheet: Nifty (NSE) and Sensex (BSE) have weekly expiry on Tuesday and Thursday respectively; Bank Nifty and FinNifty are monthly-only (last Tuesday); index options are cash-settled, stock options are physically delivered, and the final settlement price is the last-30-minute weighted average of the underlying.

Key expiry facts at a glance

Item	Nifty 50 (NSE)	Bank Nifty / FinNifty (NSE)	Sensex (BSE)	Single stocks (NSE)
Weekly expiry?	Yes — one weekly per exchange	No (removed Nov 2024)	Yes — one weekly per exchange	No
Expiry weekday	Tuesday (current convention)	Last Tuesday of month only	Thursday (current convention)	Last Tuesday of month (NSE cycle)
Monthly expiry	Last Tuesday	Last Tuesday	Last Thursday	Last Tuesday
Settlement type	Cash	Cash	Cash	Physical delivery
Exercise style	European, auto-exercised	European, auto-exercised	European, auto-exercised	European, auto-exercised
Settlement price basis	Weighted avg of last 30 min	Weighted avg of last 30 min	Weighted avg of last 30 min	Closing price rules (stock-specific)
STT note	Higher on exercised ITM options	Higher on exercised ITM options	Higher on exercised ITM options	Higher on exercised ITM options + delivery costs

These are current conventions and have been revised by the exchanges before — always confirm the live expiry weekday and cycle on the NSE or BSE circulars before relying on a date. See the full settlement guide for worked mechanics.

Key rules at a glance

Weekly expiries exist on only one index per exchange — Nifty on NSE, Sensex on BSE. See weekly expiry.
Bank Nifty and FinNifty have been monthly-only since November 2024 — see Bank Nifty expiry.
All index options and futures are cash-settled — see cash settlement.
All single-stock options are physically settled since 2019 — see physical settlement.
The final settlement price is the underlying's volume-weighted average over the last 30 minutes of expiry day — see settlement price.
In-the-money options are auto-exercised — no action is needed from the holder — see auto-exercise.
Time decay (theta) and gamma both accelerate sharply in the final days and hours — see theta acceleration and gamma risk.
STT is typically higher when an ITM option is exercised versus squared off before expiry — check current STT rates before holding to expiry.

Weekly vs monthly, at a glance

For a full side-by-side comparison of life, theta, gamma and use cases, see the dedicated weekly vs monthly expiry page. In short: weeklies are cheaper and decay faster; monthlies hold more time value and decay more gently until their final week.

Common expiry terms

Expiry / expiry date — the day a contract's life ends. See what is expiry.
Last trading day — the final session a contract can be traded, same day as expiry in India. See last trading day.
Exercise vs expiry — the distinction between a contract lapsing and being exercised. See exercise vs expiry.
Assignment — what happens to a short option when the buyer's option is exercised. See assignment.
Max pain — the strike where option writers as a group face the least payout. See max pain.
Pin risk — uncertainty when the underlying settles very close to a strike. See pin risk.
For every other term, see the full glossary.

For calculators that turn these rules into numbers, see days-to-expiry, expiry calendar and settlement value.

Frequently asked questions

What day does Nifty expire on?

Under current NSE convention, Nifty weekly and monthly options expire on Tuesday. This has been revised before, so confirm the live schedule on NSE's official expiry calendar.

What day does Sensex expire on?

Under current BSE convention, Sensex weekly and monthly contracts expire on Thursday. As with NSE, always verify against BSE's published calendar.

Does Bank Nifty still have weekly expiry?

No. NSE discontinued Bank Nifty (and FinNifty) weekly options in November 2024. Both are now monthly-only, expiring on the last Tuesday of the month.

Are index options cash-settled or physically settled?

Cash-settled. Nifty, Bank Nifty, FinNifty and Sensex options and futures are all settled in cash against the final settlement price, with no delivery of the index.

Are stock options cash-settled or physically settled?

Physically settled. Since 2019, in-the-money single-stock options in India result in actual delivery of shares rather than a cash payout.

How is the final settlement price calculated?

It is the volume-weighted average price of the underlying index or stock over the last 30 minutes of trading on expiry day, not the single closing tick.

Do I need to manually exercise a profitable option?

No. Indian exchanges use automatic exercise — any in-the-money option is exercised on your behalf at expiry without any instruction from you.

Why is STT higher on exercised options?

Securities Transaction Tax is levied differently on exercised (settled) ITM options than on options squared off in the market, which is why many traders close positions before expiry rather than let them settle.

Last reviewed 11 July 2026. Educational content only — not investment advice.