Considered a farce by many when it was introduced in October last year, the Pre Open Session Call Auction means different things to different classes of investors and traders. Members on bul and bear camps seem to take extreme positions even 20% wide in most large volume scrips like Reliance, Hero Honda (Bajaj Auto), SBI, ICICI and HDFC Bank as bonafide trades are not made on these price quotes till 9:15 when market opens. IT theoretically allows h whipsaws in trading to be minimised but just facilitates a minimum mass for each side and speaks ranges in the market for traders. 

It has however become important for people / Finvestors esp those probably exposed to overnight price discovery thru ETFs while existing SGX and CME nifty contracts remain locked with a few market makers who are not able to track the market expectations on thin trading volumes for effective price discovery. 

It also gives market makers on different exchanges BSE and NSE the opportunity to play out opposite trend expectations without much trasding damage and then move in tandem during market open

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