Call auction
Trading & ordersA mechanism that collects orders without matching, then executes them all at one price.
In plain terms
The mandi before the gates open. It is why a market order in the pre-open is far safer than one at 9:16.
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Glossary
Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
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Periodic call auction
Trading & ordersA trading mode in which orders collect through a window and match at a single price at the end of it, instead of matching continuously.
In plain terms
There is no live bid-ask to work against — you place an order and learn afterwards what it did. That is precisely why illiquid and surveillance-bound securities are the ones put into it.
Equilibrium price
Trading & ordersThe single price at which the maximum quantity can trade in a call auction.
In plain terms
Everyone who matches fills there, whatever they bid. That uniformity is the protection the auction provides.
Special pre-open session
Trading & ordersA call auction the exchange runs to discover the first price of a security that has no previous close, such as a fresh listing or a company listing under a scheme.
In plain terms
A price band has to be drawn around something. On a first day there is no previous close, so orders are collected over a window and matched at one equilibrium price.
Extended hours trading
Market basicsAlso called: Pre-market trading, After-hours trading
Continuous trading before and after the main session, available in some foreign markets and not in Indian cash equities.
In plain terms
Overnight news is not partly traded through before the bell here. It arrives whole, into one call auction and the first minutes of the session.