ICICIdirect executed overnight order in PreMarket Session

#1
icicidirect
I placed overnight market order to purchase 100 shares of security xxx. After placing order, message displayed,
"your order will be sent to exchange when market opens"
When i checked next day, order was executed at pre-open session around 0907 am. and i got worst fill price of the day. Regular market open price was much lower for xxx
Why did icici executed my overnight order during pre-open session? even though it was 'market order' type they should send it to exchange during 'normal' trading hours.
Calling their customer-no-service is of no help.
 

Mr.G

Well-Known Member
#2
icicidirect
I placed overnight market order to purchase 100 shares of security xxx. After placing order, message displayed,
"your order will be sent to exchange when market opens"
When i checked next day, order was executed at pre-open session around 0907 am. and i got worst fill price of the day. Regular market open price was much lower for xxx
Why did icici executed my overnight order during pre-open session? even though it was 'market order' type they should send it to exchange during 'normal' trading hours.
Calling their customer-no-service is of no help.
What you sent was an after market order. Liquidity is still there after market close but it is extremely less. Dont think that if market closes share trading also stops. Fills in after market are with very big spread.

You sent market order meaning that you instructed the broker to buy at whatever price available. If you had sent a limit order the broker would not execute your order unless that specific price is available.

Why the "your order will be sent to exchange when market opens" came is the real issue.
 
#4
Some details from other brokerage websites indicate
Overnight or Pre-open orders will be collected from 0900-0907am.
Depending on collection of orders NSE will determine approximate opening price for that security.
Any of collected orders matching with that approximate opening price will be executed between 0908-0915am

now Q :Do NSE keep same approximate price(0908-0915) at 0915(market opening) also??
 

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