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Why is the error 'The market order was rejected since there are no trades in this instrument. Try placing a LIMIT order' displayed?

The error message is displayed when market orders are placed for equity stocks or F&O contracts that have no volume, i.e., there are no buyers or sellers for the contract. As per NSE circulars for equity (PDF), futures (PDF) and options (PDF), market orders for equity and F&O contract(index and stocks) that aren't traded during the day are restricted. When a market order is placed for such instruments, the following error is displayed:

Did you know? Placing orders for such instruments may lead to a loss as the execution may occur at a random price, or the order may remain open due to lack of volume.

To trade in such instruments, place a limit order. To learn more, see What are limit and market orders?