Understanding Limit Order pls explain

#1
Dear Friends,
On saturday i had placed two orders for SAIL which were executed on monday 21/10/2013.

Since i am new to trading and SAIL had closed at 59.50 on Friday evening I wanted to try both limit and market order. Hence i placed two delivery orders as below:
first order for 150 shares of SAIL at limit price of RS.59/-
second order for 150 shares of SAIL at Market Price ,,,

now i thought that if SAIL does not drop to 59 then my limit order will expire, hence to not to lose buying this share as in office I could not alter orders as stock sites are blocked i put another order of 150 shares at market price. And for me even if both orders are executed and if i buy 300 shares also there was no problem.

Today evening when i saw the order book i found only the limit order is executed and the market order is not executed the reason for expiry of market order is given as ;
Exchange triggered conversion to limit order. |

Now market order means it should buy at whatever price the market is trading right? and limit order means only when the market drops to the limit price of 59 it should get executed so as per my calculations i should have bought 300 shares but the exchange only accepted my limit order and the market order expired.

Can anyone explain me why this happened.
 

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Xitij

Active Member
#2
Do you mean to say we can place an order, whether Limit or Market on Saturday, valid for Trade on Monday??? Never new that off market orders are possible on NSE! This is totally new information for me. Thanks.
 

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