Why are bids and offers at 0 being displayed in the market depth?
All market orders (Regular and AMO orders) placed during the pre-open session (9:00 AM to 9:15AM) are initially priced at 0 at the exchange and are termed 'At the Open' or ATO orders. They remain at this price until the equilibrium price is determined during the random closure period between 9:07 AM and 9:08 AM. Following this, the market depth gets updated immediately after the equilibrium price is discovered (around 9:08 AM).
Example scenario
1. The price for MRF was 0 before the equilibrium price discovery.
2. After 9:08 AM, the market depth was updated to show the equilibrium price.
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