Expiry date of July contract on Thursday, strong corporate earning numbers and sustained foreign fund flow were the key factors that contributed to this record turnover.
In line with the derivatives market, the turnover in the cash market also remained brisk, shrugging off the Mumbai bandh called by the Bharatiya Janta Party and Shiv Sena.
The turnover of NSEs derivatives segment stood at Rs 6,073.66 crore, more than Rs 1,000 crore higher than the combined turnover of BSEs and NSEs cash market. The BSEs cash market turnover was at Rs 1,433.91 crore, while the NSEs cash market turnover was at Rs 3,625.46 crore. The previous record derivatives turnover was at Rs 5,911.83 crore.
On Wednesday, the bellwether 30-share BSE Sensex hit a new 26-month high, closing up 15.98 points at 3,780.42 points.
A dealer at a domestic brokerage house said: Unlike the forex and bond markets where dealing rooms are centralised, stock trading terminals are spread across the country and market participants have the option to trade online from any part of the country.
On Wednesday, the Nifty futures recorded a turnover of Rs 867.31 crore, Nifty options recorded a traded value of Rs 154.89 crore, options on individual securities at Rs 1,080.66 crore and stock futures at Rs 3,970.80 crore.
Clearing the scepticism of high open interest in the stock futures segment, a derivatives dealer said the high open interest positions are not likely to cause panic in the F&O market on Thursday. Open interest in the derivatives market currently stands at about Rs 6,800 crore with a host of stocks close to their maximum market-wide limits.
A technical analyst at a domestic brokerage said the mood in the market is strong. Neither the technical nor external factors are having any impact. Normally, the bomb blast in Mumbai on Monday night would have hit investors sentiment, but the market seems to have shrugged it aside for now. Even technical factors like resistance at 3,758 have been overcome.
Most market players said that Thursdays trading activity would by dominated by quarterly numbers to be unveiled by Hindustan Lever, Reliance, HPCL and L&T.
On Wednesday, software services firm iGATE Global Solutions soared 20 per cent to Rs 149.85 on news that it will acquire a 51 per cent stake in back-office start-up Quintant Services Ltd for Rs 86.9 crore.