What is an upper circuit and lower circuit?
Market Basics
An upper circuit is the maximum price a stock can rise to in a session; a lower circuit is the minimum it can fall to, both set as a percentage band around the previous close.
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Once a stock hits its upper or lower circuit, trading is either halted or restricted to that price band for the rest of the session. Circuit limits vary by stock (2%, 5%, 10% or 20%) based on volatility and liquidity, and are reviewed periodically by the exchange.
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