For traders involved in trading Futures and Options (F&O), it becomes an utmost necessity to be aware of the expiration date for effective position management. The expiry date denotes the last trading day for derivatives contracts, after which the trading positions are squared off, rolled over to the next month, or settled as per exchange rules.

Starting from January 2026, several changes have been incorporated in the F&O contracts, including changes in the lot sizes and expiry schedules. In this blog, we will explore all upcoming F&O equity dates in January 2026 for equity indices, stocks, and commodities trading.

What are F&O expiry dates?

Now, before going into the details about the specific dates for different F&O contracts, let us understand what expiry dates are in the F&O contracts.

Expiry date is the last day upon which a futures or options contract will be considered active or tradeable. After this date, the contract ceases to exist, and the trader has to:

• Square off positions: Close all open positions before the expiration of the contract to avoid settlement obligations.
• Roll over: Close out the current month's futures contract and open a position in the next month's futures contract.
• Let it expire: For options, if they are out of the money (OTM), they expire worthless, and if they are in the money (ITM), they can be exercised or auto-settled

The expiry days often see higher volatility and trading activity as compared to normal trading days, making it essential for traders to track these dates carefully.

Important changes effective January 2026

There are some changes in lot sizes and expiry schedules of F&O contracts, which will be effective from January 2026. These changes are:

Revised lot sizes

National Stock Exchange (NSE) has introduced revised lot sizes for key index derivatives in order to enhance the efficacy of the market and risk management. These new lot sizes will be effective for all contracts expiring from December 30, 2025, onwards. The first weekly expiry reflecting these new lot sizes will be on January 6, 2026, and then the monthly expiry on January 27, 2026. The revised lot sizes are:

Index

Current Lot

New Lot

Nifty 50

75

65

Nifty Bank (BANKNIFTY)

35

30

Nifty Financial Services (FINNIFTY)

65

60

Nifty Mid Select (MIDCPNIFTY)

140

120

Nifty Next 50

25

No Change

Revised expiry days

Earlier this year, new changes were implemented regarding the expiry dates for NSE/BSE Contracts. From September 2025, there was an alteration regarding the expiry date for NSE Contracts. All monthly contract expiries now expire on the last Tuesday of the expiry month instead of having them expire on Thursdays. The weekly contract expiries shift to Tuesdays from Thursdays of the expiration week.

In a similar scenario, for BSE contracts, the expiry date is moved to Thursday of the expiry month, along with a change in the weekly expiry date to Thursday from Tuesday of the expiry week.

Index expiries (NSE & BSE)

No contract expires on holidays. If any expiry falls on a holiday, the expiry dates shift to the previous business day. NSE indices follow weekly Tuesdays and monthly last Tuesday; BSE's SENSEX follows Thursdays and last Thursday for monthly expiries.

Exchange

Contract Type

Index

Expiry Dates

NSE

Weekly

NIFTY 50

Tuesday of the expiry week (6, 13, 20, 27)

NSE

Monthly

NIFTY, BANKNIFTY, FINNIFTY, MIDCPNIFTY, NIFTY Next 50

27 Jan (Last Tuesday of the expiry month)

BSE

Weekly

SENSEX

Thursday of the expiry week (1, 8, 15, 22, 29)

BSE

Monthly

SENSEX, BANKEX, SX50

29 Jan (Last Thursday of the expiry month)

Stock expiries (NSE & BSE)

Individual stock options expire monthly on NSE's last Tuesday (27 Jan); futures align similarly. BSE stocks follow index patterns, and the stock options and futures expiry fall on the last Thursday of the expiry month.

Stock options expire on the last Tuesday of every month on the NSE, while stock futures also follow the same pattern. While BSE stocks, futures, and options have expiry on the last Thursday of the expiry month.

Exchange

Segment

Contract Type

Expiry Date (Jan 2026)

NSE

Stock Options/Futures

Stocks

27 Jan (Last Tuesday of the expiry month)

BSE

Stock Options/Futures

Stocks

29 Jan (Last Thursday of the expiry month)

Commodity expiries (MCX)

MCX expiry dates vary by the different commodity types like metal, energy, and agricultural commodities.

Exchange

Commodity Group

Contract Type

Expiry Date

MCX

GoldM

Futures

5 Jan

MCX

Crude OilM, Crude Oil

Futures

16 Jan

MCX

Nickel

Futures

21 Jan

MCX

MCXMETDEX

Futures

22 Jan

MCX

Crude OilM, Crude Oil

Options

14 Jan

MCX

MCXMETDEX

Options

22 Jan

MCX

Copper

Options

22 Jan

MCX

Zinc

Options

22 Jan

MCX

Naturalgas

Options

22 Jan

MCX

Natgasmini

Options

22 Jan

Conclusion

Knowing when F&O contracts are expiring is an integral part of developing successful trading strategies for derivatives contracts. January 2026 marks major shifts with revised lot sizes and new expiry dates for stocks, indices, and commodities contracts.

Whether you are trading equity on NSE/BSE or commodities on MCX, it’s essential to have their contracts' expiry dates in your calendar to advance plan your strategy of managing positions, which will assist you in dealing with high volatility and unprecedented surprises near or on expiry dates.

It is essential to remember that expiry dates are not only timelines but also opportunities in themselves.