Yes of course it would hit the order which were punched in advance but will not hit the orders of retail traders unless they punched it to buy @ market with a specified trigger price. It will hit "ONLY" yes ONLY those orders which had been
1) punched in advance
2) had a BUY @ MARKET
3) and most importantly had a trigger price below 1000
See how it works.. Copy paste from here
http://www.traderji.com/position-trading/40679-6th-may-16987-bears-enter-8.html#post439821
BSE/NSE (like most automated stock exchanges) process order on Price/Time Priority basis while the dealers orders take preference over retail orders.
Usually such bulk deals happen "at market price" which means buyers are willing to buy at any price available. For eg. Reliance has a major support at 970 level FII/DII/Market Makers will place Bulk order near major support levels with a predefined trigger price... say the trigger is 965 & order type is BUY 50,000 shares AT MARKET
Now it wont get triggered unless the order book has a SELL ORDER <= 965 in this case it was way below this level and the so called "intelligent" auto matching system will match these guys together.. and the buyer gets a discount of over 200 rs.
If the seller is selling 62000 shares at 840 while the bulk buyer is at 965 with 50000 shares then remaining 12000 shares will go to anyone even those who are willing to buy at 1020 level while they get to pay only 840... huge discount...right?