You can trade IPO-listed stocks from 10:00 AM to 3:30 PM on their listing day. However, a pre-open session takes place between 9:00 AM and 10:00 AM, during which the following activities occur:
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Order entry period:
- 9:00 AM to 9:35 AM: You can place, modify, or cancel only limit orders for new listings (IPOs) and re-listed instruments.
- 9:35 AM to 9:45 AM: You can place, modify, or cancel only limit orders. The system randomly closes all pending orders at any time between 9:35 AM and 9:45 AM. Orders execute immediately when the order entry period closes. For example, if the system closes pending orders at 9:40 AM, your order executes between 9:40 AM and 9:41 AM, not at 9:45 AM.
- Order matching and trade confirmation period (9:45 AM to 9:55 AM): The exchange matches your orders to determine the opening price of the stock. You cannot place new orders during this time.
- Buffer period (9:55 AM to 10:00 AM): The system prepares for normal trading. You cannot place, modify, or cancel orders during this time.
- Trading hours (10:00 AM to 3:30 PM): You can place, modify, or cancel orders normally.
You can refer to BSE circular for more information. For more details about normal trading hours, visit the stock market timing page.