Hedge calculator: futures lots by beta, a Nifty put hedge, and what each leaves open.
Enter the value of a stock portfolio and its beta. The calculator works out how many Nifty futures lots offset it, prices a Nifty put hedge from a dated NSE chain, and shows what each does in four index moves and when the beta is wrong.
Model, not market data
Futures and puts
No orders, no login
Futures to sell3 lotsexact 3.14 lots
Exposure to hedgeRs 47,50,000beta 0.95 times Rs 50 lakh
Left unhedgedRs 2,18,181rounding to whole lots
Put hedge costRs 9,1750.18% of the portfolio
3 lots of the 30 Jun 2026 Nifty future = Rs 45,31,820. One lot is 65 units at the future's 23,240.10, Rs 15,10,607. Selling that many lots offsets the beta weighted exposure of the portfolio to Nifty moves, to within the rounding. The future is 25.15 points above the index close of 10 Jun 2026, and that basis closes by expiry: if Nifty ended unchanged the sold future would gain Rs 4,904 on its own.
Two hedges, side by side
Sell futures
Buy puts
What you hold
3 lots sold
3 lots of the 22,100 put
Premium paid
None
Rs 9,175
Charges
Rs 2,368
Rs 4
If Nifty falls
Gains as the index falls
Gains below 22,100
If Nifty rises
Given back
Kept, less the premium
Model, not market data
The put hedge stops the loss near Rs 2,37,304, the futures hedge flattens the line
Profit or loss of the stock portfolio plus the hedge, for the Nifty level at expiry. The portfolio moves with beta 0.95. Inputs: Rs 50 lakh of stocks, beta 0.95, 3 lots of the future at 23,240.10 or of the 22,100 put at Rs 47.05, index close 23,214.95 on 10 Jun 2026.Source: RupeeCase model, beta weighted, Black 76 premium from the NSE settlement. As of 10 Jun 2026.
What each hedge returns in four Nifty moves
Nifty at expiry
Unhedged
Futures hedge
Put hedge
−10%20,893
−Rs 4,75,000
−Rs 17,404
−Rs 2,48,898
−5%22,054
−Rs 2,37,500
−Rs 6,250
−Rs 2,37,744
0%23,215
Rs 0
Rs 4,904
−Rs 9,175
+5%24,376
Rs 2,37,500
Rs 16,058
Rs 2,28,325
Basis risk: what if the beta is wrong?
The futures lots above come from a beta of 0.95. Betas are estimates from the past; the portfolio can move more or less than beta says on any one day. If Nifty fell 5% by expiry, the sold future would return Rs 2,31,250, and the net result depends on the beta the portfolio really had.
True beta
Portfolio
Future
Net
0.75
−Rs 1,87,500
Rs 2,31,250
Rs 43,750
0.85
−Rs 2,12,500
Rs 2,31,250
Rs 18,750
0.95the beta used
−Rs 2,37,500
Rs 2,31,250
−Rs 6,250
1.05
−Rs 2,62,500
Rs 2,31,250
−Rs 31,250
1.15
−Rs 2,87,500
Rs 2,31,250
−Rs 56,250
Beta weighted: lots = beta times portfolio value divided by the future's value of one lot. The portfolio is assumed to move with beta times the Nifty return from the index close shown. The put hedge pays the strike less the level at expiry, and the premium is the NSE settlement price of that put on the example date. Basis risk has three parts: the portfolio is not the index (stock specific moves stay), the beta is an estimate, and the future and the index differ until expiry. Charges use the NSE rate set in force from 1 Apr 2026. Margin on the sold future is blocked while it is open, which is a cost this page does not price. This page cannot trade.
The portfolio is a model, labelled Model, not market data. Futures and put prices are NSE end of day settlements of the example date. Not live, not a recommendation, and this page cannot trade.
How to read it
Lots from beta
Exposure to hedge is the portfolio value times its beta against Nifty. Dividing by the value of one lot of the future gives the lots, which are rounded to a whole number; the part left over is shown as unhedged.
Futures: cost and basis
A sold future has no premium. It gains if Nifty falls and gives back the gains of the portfolio if Nifty rises. The future starts above the index by the basis, which closes by expiry, so even a flat market moves the hedge by that amount.
Puts: premium and floor
A bought put costs a premium up front, taken from the NSE settlement of the example date. Below the strike the put gains what the portfolio loses, so the loss is bounded near the loss at the strike plus the premium, and above it the portfolio keeps its gains less the premium.
The portfolio is assumed to move with beta times the Nifty return from the index close of the example date; real portfolios also move for their own reasons, and betas drift. Both hedges here run to the example expiry only; a longer hedge is rolled, and the roll has its own cost. Margin on a sold future is blocked while it is open and is not priced here. Charges use the NSE rate set in force on the example date. Mutual fund units cannot be pledged against futures margin in the same way as shares, which is a practical limit this page does not model.
Portfolio value times beta, divided by the value of one lot of the future, rounded to a whole lot. The calculator shows the exact figure and the rounding.
Why is the future above the index?
The future prices the index grown at the interest rate less dividends to expiry. That gap, the basis, closes to zero at expiry.
Which is cheaper, futures or puts?
The future has no premium and gives up the upside; the put costs a premium and keeps the upside. What each costs on a given date is in the table, and the cheaper one on paper is not the same as the better fit for a given aim.
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Education only, not investment advice, a research report or a recommendation to buy, sell or hold any security. RupeeCase (QC Alpha Technologies Pvt Ltd) is not registered with SEBI as an investment adviser or research analyst. Contracts and prices shown are for illustration only, come from NSE end of day files at least 30 days old, and are not recommendatory. Derivatives trading carries a high risk of loss.
