India is a place that is known for festivities, where people from different religions agree genially. The wide variety of festivities celebrated in India is an authentic sign of its rich culture and traditions. The present work is carried out to find out whether there is/are any effect on the option prices during Indian Festivals seasons. Since options have adequate volume of trading, the author has considered Nifty options for this study. There are many factors both internal and external factors which affect Option Prices drastically. The major factors affecting the Option contracts and stock market are Inflation, Interest rate, Foreign Exchange Market, Festivals and world events, etc. Inflation, interest rates have an impact on the stock market. Though there are many factors which affects the option prices, the present study tries to find out how far the festivals influence the option prices. The present study has selected a sample consisting of 708 respondents and their investment pattern. Structured questionnaire was prepared with good reliability and circulated to the investors who have invested in options. The analysis reveals that Indian stock markets exhibit semi-month and turn-of-the-month effects. The Sensex and CNX Nifty indexes, which are regarded as the barometer of the Indian stock markets, had the highest mean returns during the first half of the month, according to the study. BSE FMCG, BSE Teck, CNX IT, Bank Nifty, and CNX Infra indexes demonstrated the biggest gains in the first half of the month when it came to sectoral indices. The majority of the holidays fall within the first half of the month, which is highly correlated with the data obtained and may provide insight into the semi-month effect in Indian stock markets.