This error message is displayed when you place market orders for equity stocks or F&O contracts that have no volume (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 contracts (index and stocks) that are not traded during the day are restricted. When you place a market order for such instruments, the exchange displays this error message.
Placing orders for such instruments may lead to a loss, as the execution may occur at a random price, or your order may remain open due to a lack of volume.
To trade in such instruments, place a
limit order.