Daily price limit is the range within which a security can move during the day. As an example, a daily price limit of ±10% means a security can move within a range of ±10% from its previous session closing price. Orders that fall outside this range are not accepted by the exchange.
The objective behind price limits is to prevent extreme fluctuations in the prices of securities in any one session as well as to avoid price manipulation. To see the daily price limit on securities on the NSE, click this link here220.
Similarly, a market-wide circuit breaker is implemented when either the NSE Nifty or the BSE Sensex breaches its upper or lower price limit. When this happens, trading is halted across all equity and derivatives markets in India. To see market-wide circuit breakers and when it is implemented, click this link here177.