In financial markets, turnover refers to the total value of securities bought and sold over a specified period on a stock exchange or within a portfolio. For exchanges, daily turnover figures—reported by NSE and BSE—reflect overall market activity and liquidity. For mutual funds, portfolio turnover ratio indicates how frequently the fund manager buys and sells holdings within a year; a high turnover ratio may signal an active trading approach and higher transaction costs. For individual stocks, turnover relative to market capitalisation gives a sense of how actively a share is being traded by investors.