Bulk deals vs block deals: what the difference means (2026)
Bulk deals and block deals are the two ways Indian exchanges make large trades public. Both tell you that a big buyer or seller was active in a stock on a given day, but they run under different rules, trade in different windows, and get reported differently. Knowing the difference is the difference between reading the data right and misreading it.
Definition
Bulk and block deals
are large trades in Indian listed stocks that the exchanges disclose. A bulk deal is any trade above 0.5% of a company's shares in the normal market; a block deal is a single trade of at least 25 crore rupees in a separate window at a negotiated price. Both are reported the same day. Source: SEBI, NSE, BSE.
What is a bulk deal?
A bulk deal is triggered by size, not by a special window. When the total quantity a single client buys or sells in a stock crosses 0.5% of that company's listed equity shares in one trading day, the broker has to flag it to the exchange, which then publishes it after market hours. Bulk deals happen in the normal trading session, and the quantity can build up across the day before it crosses the threshold.
0.5%
Share of a company's equity that makes a trade a bulk deal
Source: SEBI bulk deal norms
What is a block deal?
A block deal is defined by value and executed in a separate space. Two parties agree on a large trade in advance and put it through a dedicated block deal window rather than the open market, so it does not move the regular order book. Under SEBI's rules the minimum order value is 25 crore rupees, and the price has to sit within 3 percent of a reference price. There are two windows each day: a morning window from 8:45 to 9:00 AM and an afternoon window from 2:05 to 2:20 PM.
Bulk deals vs block deals at a glance
| Feature | Bulk deal | Block deal |
|---|---|---|
| Trigger | More than 0.5% of listed shares in a day | Order value of at least 25 crore rupees |
| Where it trades | Normal market session | Separate block deal windows |
| Price | Prevailing market price | Within 3% of a reference price |
| Disclosure | After market, same day | Same day |
| Counterparties | Client named | Both sides recorded |
How to read the data without over-reading it
A bulk or block deal is a record of one day's activity, so read it with its limits in mind.
- The trade is a fact; the motive is not. A large sale can be portfolio rebalancing, a fund redemption, or a promoter raising cash. The disclosure does not say which.
- Thresholds and windows can change. SEBI has revised the block deal minimum and timings before, so check the current norm and the date on the data.
- Watch for repeated activity in the same name across days, which is a pattern you can verify from the public record.
Flock surfaces the day's bulk and block deals from the NSE and BSE, each stamped with its date and linked back to the exchange record, so you can see who traded what and when. What it means for you is your call to make.
Frequently asked questions
What is the difference between a bulk deal and a block deal?
A bulk deal is any trade where the total quantity is more than 0.5% of a company's listed shares, executed in the normal market. A block deal is a single large trade of at least 25 crore rupees, executed in a separate block window at a negotiated price. Source: SEBI circular dated 8 October 2025.
When are bulk and block deals disclosed?
Both are disclosed to the exchange on the same trading day. Bulk deals are reported by brokers after market hours, and block deals are recorded during their dedicated windows. The NSE and BSE then publish the details publicly. Source: NSE and BSE.
What are the block deal windows?
Block deals trade in two dedicated windows: a morning window from 8:45 to 9:00 AM and an afternoon window from 2:05 to 2:20 PM (IST). Orders must be within 3 percent of the reference price. Source: SEBI circular dated 8 October 2025, effective 7 December 2025.
Do bulk and block deals show who is buying?
Bulk deal disclosures name the client behind the trade, the quantity, and the average price. Block deal reports show the counterparties and price. Both are public records, though they show the trade, not the reason behind it. Source: NSE and BSE.
Flock tracks these filings, sourced, dated, and linked back to the original. See what smart-money entities disclosed, without the guesswork about what it means.
Disclosures shown are public regulatory filings. Data may be delayed or incomplete. Smart-money entities may no longer hold positions shown. Not investment advice.