Mumbai: The regular market will continue to open at 9:15 am. The changes apply only to the 15-minute pre-open session before normal trading begins.
9:00 am to 9:05 am: Investors can place both market orders and limit orders. This is the only window for placing new market orders.
After 9:05 am: No new market orders will be accepted. Investors can continue placing eligible limit orders while the order collection window remains open.
Between 9:08 am and 9:10 am: The order collection window will close at a randomly determined time. Investors will not know the exact cut-off beforehand. This is designed to discourage large last-second orders intended to influence the opening price.
After order collection closes until around 9:12 am: NSE will match buy and sell orders and determine the equilibrium price. The price at which the maximum quantity of shares can be matched becomes the primary basis for determining the opening price.
If more than one price qualifies, NSE will consider the lowest unmatched order imbalance and then the price closest to the previous closing price.
9:12 am to 9:15 am: A buffer period will apply before the normal market opens.
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9:15 am onwards: Regular trading begins as usual. There is no change to the normal market opening time.
In simple terms, the sequence is: orders from 9 am → market-order cut-off at 9:05 am → random order-collection closure between 9:08 and 9:10 am → order matching → buffer period → regular trading at 9:15 am.
