The futures market is a financial marketplace where standardised contracts obligating the buyer to purchase—and the seller to deliver—a specified asset at a predetermined price on a future expiry date are traded. Unlike the spot (cash) market where assets are exchanged immediately, futures markets allow participants to lock in prices today for transactions that will settle at a future date. In India, NSE and BSE operate active futures markets for equity indices (Nifty, Bank Nifty), individual stocks, currencies, and commodities. Futures markets serve two primary purposes: price discovery (enabling markets to form forward price expectations) and risk transfer (allowing hedgers to offload price risk to speculators willing to bear it).
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