This was my opinion, which seems to be wrong in hindsight. See the next post from @dtyxg for why.
This is because NSE introduced pre open session, which calculates the equilibrium price at pre-open, based on matching orders, even when there’s no trade volume.
@dtyxg Practically, it all moves on it’s own, before the underlying moves and based on whether there’s interest/supply/demand/jane street. “We don’t know what changed. What caused the spike. Let’s just call it implied volatility for the math” Also it won’t move without a trade. So if volume is 0, there shouldn’t have been any change in price, at least before Dec 8, when NSE introduced preopen session.
But the post clearly states that the pre open session is for stock futures, right?
But this is option
My above explanation is different from what the op has asked , will delete it.
The value might be the price after putting in 𝜎 in BS ig
You’re right in saying this was only for stock futures. So now I have no idea. Black Scholes and everything else is theoretical. It shouldn’t affect the quoted price unless there is a trade, AFAIK.
Sorry, I Missed Your Post Earlier!
Black-Scholes Calculation Using the December 8th Closing Price of ₹2,798.80
True Theoretical Value: ₹468.70 (This matches the Exchange’s Settlement Price exactly)
Why the Difference?
The ₹356 price displayed on the chart is likely where the trades were executed, but volumes are not captured in the chart. The exchange determines the real value to be ₹468.70 and sets the Lower Circuit (LC) and Upper Circuit (UC) limits accordingly. You can place orders anywhere within the LC-UC range.
Formula Used for This Calculation:
Exchange circular for reference. Hope this helps clear things up!
Cheers!
I’ve never heard of “ghost” price or limit orders, which are not executed, affecting the price. Is there a circular or link where I can read more about it?
Apologies for the previous response. I have corrected it now. Confusion was created because the volume was not captured in that chart. The price which was shown in the chart was correct because the trade was executed at that price.
Much better 
Thanks.