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

Did you know? Placing orders for such contracts 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 contracts, place a limit order. See What are limit and market orders?.