Market Structure on WebNotes

How to fix an intraday position not auto-squared-off

Sun, 21 Jun 2026 00:00:00 +0000

An intraday position on Zerodha that is not auto-squared-off by the cut-off does not vanish; it converts the same evening into a delivery position under CNC or, in derivatives, a carry-forward NRML position. The square-off you rely on is a risk-management safety net the broker runs around 3:20 pm for equity MIS , not a guarantee, and Zerodha’s own policy states the onus of closing intraday positions stays with the client. When the net does not catch a position, the cause is almost always one of a small set: the scrip was illiquid or locked at a circuit , the order ran above the per-order quantity cap, or an exchange or RMS delay intervened.

Kite order nudges explained

Sun, 21 Jun 2026 00:00:00 +0000

A Kite order nudge is a non-blocking notification that Zerodha ’s Kite trading platform surfaces on the order window when the order, or the instrument it targets, matches a risk pattern or a market-structure condition that the exchange or Zerodha wants the client to see before the order leaves for the exchange. The nudge informs; in almost every case it does not block. You read it, you acknowledge it, and the order proceeds. This guide covers the six order-placement nudges traders meet most: the order-slicing nudge on large F&O orders, the surveillance-measures-and-risks nudge, the promoter-pledged-shares nudge, the Enhanced Surveillance Measure (ESM) nudge, the price-above-or-below-LTP nudge, and the illiquid-contract alert on far or thin derivatives.

Market price protection in ATO (Alert Triggers Order)

Sun, 21 Jun 2026 00:00:00 +0000

Market price protection in an Alert Triggers Order (ATO) is the control on Kite that converts the market order placed by the ATO into a limit order if the price moves outside a set protection range, so an order placed automatically when an alert fires cannot fill at a freak price far from the market. An ATO is a Zerodha feature, launched on 16 September 2024, that links a basket of orders to a Kite alert and sends those orders to the exchange the moment the alert is triggered, without further action from the trader.

Market price protection on the Kite order window

Sun, 21 Jun 2026 00:00:00 +0000

Market protection on the Kite order window is a Zerodha feature that fills a market order quickly at the best available price but converts it into a limit order if the price moves outside a set protection range, so a market order cannot fill at a freak price far from the last traded price. A freak trade is an execution at a price far above or below the prevailing market, usually caused by a thin order book or a fat-finger order; market protection caps how far from the current price a market order is allowed to fill.

MIS and CO positions when circuit limits are hit

Sun, 21 Jun 2026 00:00:00 +0000

When a stock locks at its circuit limit, an intraday MIS or cover order position on Zerodha usually cannot be squared off, because a circuit lock leaves only one side of the order book with no counter-orders to transact against, and the position then converts to a delivery trade carrying overnight risk, possible short delivery, and an exchange auction penalty. A circuit limit is the daily price band beyond which a scrip cannot trade; once price reaches it, the scrip freezes there until orders appear on the opposite side or the band is revised.

Special pre-open session on IPO listing day

Sun, 21 Jun 2026 00:00:00 +0000

The special pre-open session on an IPO listing day is a call-auction window, run by the National Stock Exchange and the Bombay Stock Exchange , in which the listing price of a newly admitted scrip is discovered before continuous trading begins. It exists because a freshly listed share has no prior traded price to open against, so the exchange collects limit orders, computes a single equilibrium price that maximises the matched quantity, and uses that price as the opening price for the day.

Zerodha Bulletin, Pulse and the trading-holiday calendar

Sat, 20 Jun 2026 00:00:00 +0000

Zerodha Bulletin, Pulse, and the trading-holiday calendar are three distinct channels Zerodha runs to keep clients informed: Bulletin (zerodha.com/marketintel/bulletin/) is the operational notice board for circulars, market holidays and trading updates; Pulse (pulse.zerodha.com) is a free, ad-free aggregator of financial news from major Indian sources; and the holiday calendar (zerodha.com/marketintel/holiday-calendar/) lists the NSE and BSE trading off-days for the year, around 14 to 15 weekday closures in 2026 plus a special Muhurat session on 8 November 2026.

Block deal vs bulk deal on Zerodha

Wed, 20 May 2026 00:00:00 +0000

Block deals and bulk deals are large-volume trades on Indian exchanges. They differ in mechanism and disclosure:

Block deal

Aspect	Block deal
Definition	Negotiated trade between two counter-parties
Window	Specific block deal session (08:45 to 09:00; 15:05 to 15:20 IST)
Price	Within +/-1% of previous close
Size	Minimum Rs 10 crore or 50,000 shares (subject to revision)
Disclosure	Same day end-of-day

Bulk deal

Aspect	Bulk deal
Definition	Large trade in the open market exceeding 0.5% of listed shares of company
Window	Any time during regular session
Price	At market price (normal matching)
Size	Determined by share count vs listed share count
Disclosure	Same day end-of-day

Key differences

Block deal: Pre-negotiated; specific session.
Bulk deal: Open-market; happens during regular session.
Both disclosed end-of-day per exchange rules.

Retail relevance

Block deal session is for institutional / HNI flow; retail rarely participates.
Bulk deal disclosure affects retail interpretation of large institutional moves.

External references

References

SEBI, Block deal framework, sebi.gov.in.
NSE / BSE, Block / bulk deal operational guidelines, exchange websites.

BSE Sensex options trading hours

Wed, 20 May 2026 00:00:00 +0000

BSE Sensex options (and BSE Bankex options) trade on the BFO (BSE F&O) segment with the standard 09:15 to 15:30 continuous session. The session timings match NSE F&O; the BSE-specific differences are in expiry day (Friday for Sensex), lot sizes, and the option chain.

Standard hours

Phase	Time (IST)
Pre-open (some index futures)	09:00 to 09:08
Pre-open match	09:08 to 09:15
Continuous trading	09:15 to 15:30
Post-15:30	Settlement processing

For Sensex / Bankex options specifically, the pre-open is typically not available (options use continuous matching from 09:15). The continuous session ends at 15:30.

Circuit filters on NSE and BSE

Wed, 20 May 2026 00:00:00 +0000

Circuit filters (price bands) on NSE and BSE limit how far an individual scrip’s price can move in a single trading day, expressed as a percentage of the previous close. Index-level circuit halts pause the entire market on extreme moves. Together they manage extreme volatility and prevent panic-driven price discovery.

Scrip-level circuit filters

Each listed scrip has a daily price band assigned by the exchange. The bands are:

Band	Typical use
2%	Heavily surveilled scrips (ASM Stage 3-4, GSM Stage 4-6)
5%	Some surveilled scrips
10%	Default for many mid / small-cap scrips
20%	Default for many large / mid-cap scrips
No band	Some F&O stocks (no daily price cap)

The band applies in both directions: if the previous close is Rs 100 and the band is 10%, the day’s permissible range is Rs 90 (lower circuit) to Rs 110 (upper circuit).

Circuit limits / price bands

Wed, 20 May 2026 00:00:00 +0000

Circuit limits (price bands) cap a scrip’s daily price movement at a defined percentage. For the full framework, see Circuit filters NSE BSE .

Standard bands

Band	Used for
2%	Heavily surveilled scrips
5%	Some surveilled
10%	Mid-cap default
20%	Large-cap default

Effect

Hit upper circuit: Stock can’t trade higher than the limit today.
Hit lower circuit: Stock can’t trade lower today.
Locked at circuit: Limited to existing queued orders.

External references

References

NSE India, Price band framework, nseindia.com.
SEBI, Circuit filter framework, sebi.gov.in.

DVR shares on Kite

Wed, 20 May 2026 00:00:00 +0000

DVR (Differential Voting Rights) shares carry different voting power per share compared to common equity. Companies issue DVR shares to raise capital without diluting voting control. Listed DVR shares carry a suffix on the symbol.

Examples (historical):

TATAMTRDVR (Tata Motors DVR).
Other Tata-group DVR issues.

Trading on Kite

Aspect	DVR
Symbol	Underlying + “DVR” suffix
Settlement	Same as common equity (T+1)
Tax treatment	Equity rules (LTCG / STCG)
Liquidity	Generally lower than common

Why DVRs trade at a discount

DVR shares typically trade at 20-40% discount to common equity:

EGRs (Electronic Gold Receipts) on Zerodha

Wed, 20 May 2026 00:00:00 +0000

Electronic Gold Receipts (EGRs) are gold-backed certificates representing 1 gram of 24-karat gold, tradable on NSE / BSE. Introduced by SEBI in 2022-23 to provide a transparent gold-trading mechanism.

Structure

Underlying: 1g of 99.5%+ purity gold held in approved vaults.
Issuance: Vault authorised entity issues EGRs.
Trading: On NSE / BSE.
Settlement: Cash; physical delivery available on demand.

Trading on Zerodha

For Zerodha clients:

EGR contracts tradable on NSE / BSE if listed.
Standard equity-like order types.
Settlement T+1.

Comparison with other gold investment

Aspect	EGR	GoldBeES ETF	SGB
Underlying	1g 99.5%+ gold	Gold (held in vaults)	RBI gold bond
Listed	NSE / BSE	NSE / BSE	NSE / BSE
Physical delivery	On demand	No (ETF unit)	At maturity (cash, not physical)
Coupon	None	None	2.5% per annum
Tax	Debt-fund equivalent (per Section 50AA)	Same	Special framework

EGRs are the closest to “owning gold” via a financial instrument; the underlying is actual gold in a vault.

Exchange margin types (SPAN, ELM, Adhoc, VAR)

Wed, 20 May 2026 00:00:00 +0000

Indian exchanges (NSE, BSE, MCX) use several margin types in combination to manage participant risk. The four main types are SPAN (Standard Portfolio Analysis of Risk), ELM (Extreme Loss Margin), Adhoc margin, and VAR (Value at Risk). Each addresses a different aspect of margin calculation.

SPAN

SPAN is the portfolio-level worst-case loss calculation used primarily for F&O margins. The exchange’s SPAN engine:

Runs 16 stress scenarios (price up, price down, volatility up, volatility down, combinations).
Computes worst-case portfolio loss across scenarios.
This worst case becomes the SPAN margin.

SPAN is portfolio-aware: hedged positions get reduced SPAN; isolated short positions get full SPAN.

Freak trade square-off on Zerodha

Wed, 20 May 2026 00:00:00 +0000

When an exchange identifies a freak trade (extremely off-market execution) and decides to annul or reverse it, Zerodha implements the action on the affected client account.

Process

Exchange surveillance flags the trade.
Investigation; if confirmed as a freak trade, exchange annuls.
Affected client accounts are updated:
- Trade reversed.
- Margin / P&L restored.
- Counter-party compensated.

The user typically doesn’t need to take action; the back-office handles it.

For details

See Freak-trade loss penalty for the broader framework.

Illiquid stocks SEBI rules

Wed, 20 May 2026 00:00:00 +0000

For illiquid stocks, SEBI / NSE / BSE apply a layered framework of trading restrictions:

Restriction	When
Periodic Call Auction	If liquidity falls below threshold
T2T segment	If specific criteria met
100% upfront margin	For surveillance scrips
Tighter price band	For specific cases
Lower derivative liquidity	If futures available

Criteria for “illiquid”

Trading days per month below threshold.
Total turnover very low.
Number of unique traders small.
Spread consistently wide.

The exchange uses statistical thresholds; specifics published in SEBI / NSE / BSE circulars.

Intraday auto square-off timings (MIS)

Wed, 20 May 2026 00:00:00 +0000

Zerodha auto-squares intraday MIS positions before market close to avoid carry-over into delivery. Timings vary by segment.

Schedule

Segment	Auto square-off (approximate)
Equity (NSE / BSE cash)	15:10-15:20 IST
F&O (NSE / BSE derivatives)	15:20-15:25 IST
Currency derivatives	~16:45 IST
Commodity (MCX) morning	~16:45 IST
Commodity (MCX) evening	5-10 minutes before respective session end

Why before market close

Auto-squaring at 15:10 (well before 15:30) gives:

Margin for system risk management.
Time for execution at acceptable prices.
Buffer against last-minute volatility.

If positions weren’t auto-squared, an unintended carry into delivery / next session would occur.

Large / mid / small-cap classification at Zerodha

Wed, 20 May 2026 00:00:00 +0000

Per SEBI’s classification (applied uniformly across Indian capital markets):

Category	Ranking by market cap
Large-cap	Top 100
Mid-cap	Ranks 101 to 250
Small-cap	Ranks 251 onwards

AMFI (Association of Mutual Funds India) updates the list semi-annually. Zerodha and Kite reflect the same classification.

Why classification matters

Mutual fund category eligibility: Schemes must invest specified percent in each category.
Index inclusion: Indices use these classifications.
Risk profiles: Large-cap = lower volatility; small-cap = higher.
Tax / regulatory frameworks: Some rules differ by classification.

Where to see

AMFI website: Authoritative classification.
NSE / BSE: Per-scrip market cap.
Kite: Indicates the category in scrip details (where applicable).

External references

References

AMFI India, Stock classification list, amfiindia.com.
SEBI, Market cap classification framework, sebi.gov.in.

Listing-day trading hours

Wed, 20 May 2026 00:00:00 +0000

On the listing day of a new IPO, NSE / BSE conduct a special pre-open session before the regular continuous trading. The pre-open helps discover the listing price.

Schedule

Phase	Time
Pre-open / order collection	09:00 to 09:45 IST (extended)
Indicative price formation	09:45
Listing price discovery	09:45
Continuous trading	10:00 onwards

The listing day pre-open is longer than the regular 8-minute window to accommodate the price-discovery process.

Circuit relaxation

For the first day:

Market-wide circuit breakers

Wed, 20 May 2026 00:00:00 +0000

Market-wide circuit breakers are index-level triggers that pause the entire equity market on extreme moves. They prevent disorderly trading during major events.

Trigger levels

Trigger	Pause duration
10% index move (Nifty 50 or Sensex)	45-minute trading halt
15% move	105-minute halt
20% move	Trading halted for the rest of the day

The triggers apply both ways (up or down).

Historical activations

March 2020 COVID-19 crash: Multiple circuit triggers.
2008 financial crisis: Multiple triggers.
Other rare events since 1999 when the framework was introduced.

In normal markets, circuit breakers rarely trigger.

NSE / BSE group meanings (EQ, BE, BZ, T)

Wed, 20 May 2026 00:00:00 +0000

NSE and BSE classify listed securities into groups based on trading characteristics and surveillance status. The main groups are EQ, BE, BZ, and T.

Group classifications

Group	Meaning	Trading characteristics
EQ	Equity (rolling settlement, normal trading)	Standard intraday + delivery allowed
BE	Book Entry (trade-to-trade settlement)	Only delivery; no intraday
BZ	Specific surveillance category	Restrictions per exchange
T	Trade-to-Trade segment	Only delivery; settled trade-by-trade

The groupings reflect both intrinsic stock characteristics and SEBI / exchange surveillance.

NSE BZ category explained

Wed, 20 May 2026 00:00:00 +0000

The BZ category is a BSE-specific surveillance grouping (and analogous groupings on NSE) for stocks under specific restrictions. Trading rules:

100% upfront margin.
Tighter price band.
T2T settlement may apply.

Common triggers for BZ classification:

Surveillance concerns.
Specific corporate or compliance issues.
Bridge segment between standard and full surveillance.

For details on related surveillance frameworks, see ASM and GSM frameworks explained and Trade-to-Trade segment rules .

External references

References

BSE India, BZ category, bseindia.com.
SEBI, Surveillance framework, sebi.gov.in.

Order placement delays at market open

Wed, 20 May 2026 00:00:00 +0000

In the first few minutes after market opens at 09:15 IST, order placement on Zerodha Kite may be delayed due to system load and the high concurrent activity from all retail clients.

Why delays occur

Massive order surge at 09:15.
Kite servers under heavy load.
Exchange order book matching at peak intensity.
Network latency from clients to broker to exchange.

Typical resolution

Most delays resolve within 5-15 seconds.
By 09:25, the system normally operates at steady state.
Outliers (heavy news day, IPO listing day) can extend the delay.

What to do

Don’t double-tap the submit button. This can cause duplicate orders.
Wait for confirmation. Usually 5-15 seconds.
Check Orders tab to verify acceptance / execution.
Use limit orders to avoid slippage from delayed execution.

When delay is concerning

Delays exceeding 60 seconds on a normal day.
Repeated rejections of valid orders.
Persistent “system busy” messages.

For sustained issues, check Z-Connect blog or Zerodha Twitter for system status updates.

Partly-paid shares on Kite

Wed, 20 May 2026 00:00:00 +0000

Partly-paid (PP) shares are equity instruments where the investor has paid only a portion of the face value at issue; the balance is due at specified intervals (calls). These shares trade on NSE / BSE with a “PP” or similar suffix.

Structure

Issue: Investor pays initial portion (e.g., 25-50%).
Call dates: Balance paid in tranches.
Final payment: Shares become fully paid.

Trading on Kite

Aspect	Partly-paid
Symbol	Underlying + “PP” suffix
Settlement	Same as common (T+1)
Tax	Equity rules apply on capital gain
Liquidity	Often thin

Call payment

If you hold partly-paid shares, you must pay the called amounts on schedule:

Penny stock block (nudge) on Kite

Wed, 20 May 2026 00:00:00 +0000

When a Zerodha client tries to trade a penny stock (very low-priced scrip), Kite shows a nudge warning about the heightened risk. The nudge does not block the trade; it informs.

Penny stock criteria

Price below threshold (typically below Rs 10).
Often surveilled (ASM Stage 1+).
Thin liquidity.
High percentage moves common.

Why the nudge

Penny stocks have:

Higher manipulation risk.
Wide bid-ask spreads.
Susceptible to surveillance actions.
Lower fundamental quality on average.

The nudge reminds the user of these factors before proceeding.

Post-market session on Zerodha

Wed, 20 May 2026 00:00:00 +0000

The post-market closing session on NSE / BSE runs from approximately 15:40 to 16:00 IST. During this window, orders can be placed at the day’s closing price only.

Hours

Phase	Time
Regular session ends	15:30
Closing price computation	15:30 to 15:40
Closing session	15:40 to 16:00
Trading ends	16:00

Order rules

Rule	Detail
Only closing price	Orders execute at the day’s closing price only
Limit orders only	Market orders not accepted
Matching at the close	Buy and sell orders match if both at closing price
No partial moves	Price cannot move during this window

When used

Traders who couldn’t trade during the regular session.
Settlement requirements that need executions at the close.
Index inclusion / exclusion mechanics.
Some institutional flow.

Volume

Volume in the post-market session is much smaller than the regular session. Most retail traders don’t participate.

Pre-market zero bids meaning

Wed, 20 May 2026 00:00:00 +0000

When the pre-open session on NSE / BSE shows zero bids for a scrip, it means no buy orders have been entered yet, or all entered buy orders are below the displayed indicative price.

What zero bids implies

Scenario	Meaning
Truly no orders	No interest from buyers at any price; rare for liquid scrips
All orders below indicative price	Buyers wanting lower entry than the indicative open
Pre-09:08 (collection phase)	Orders still being received; normal at start

What it does NOT mean

Zero bids does not mean the stock is unbuyable.
It does not mean the scrip is suspended.
It is a snapshot of the pre-open state, not the regular session.

How it resolves

By 09:08 (end of order collection):

Pre-open session orders on Zerodha

Wed, 20 May 2026 00:00:00 +0000

The pre-open session on NSE / BSE runs from 09:00 to 09:15 IST. During this window, Zerodha Kite accepts orders that participate in the opening call auction.

Phases

Phase	Time
Order collection	09:00 to 09:08
Order matching	09:08 to 09:12
Buffer / transition	09:12 to 09:15
Continuous trading begins	09:15

Order types accepted

Order type	Pre-open accepted
Limit	Yes
Market	Yes
Stop-loss	Yes
GTT	Stored; not active in pre-open
Bracket / Cover	Not in pre-open; from 09:15

How orders match

During the 09:08-09:12 matching window:

SM / M symbols (NSE Emerge / BSE SME)

Wed, 20 May 2026 00:00:00 +0000

Stocks on the SME (Small and Medium Enterprises) segment of NSE Emerge or BSE SME platform carry SM / M symbol designations. These differ from main-board listings.

Platforms

Platform	Operator	Profile
NSE Emerge	NSE	SMEs that meet specific eligibility
BSE SME	BSE	Same segment on BSE

Trading rules

For SME-listed stocks:

Minimum trade size: Often higher than main board (per lot, not per share).
Liquidity: Generally thinner.
Surveillance: Specific framework.
Migration: Companies can migrate to main board after specific criteria.

Symbol convention

Marker	Meaning
SM (suffix or tag)	NSE Emerge listing
M (suffix or tag)	BSE SME listing
Otherwise	Main board (no SME suffix)

Implications for retail traders

Higher minimum trade size can be restrictive.
Liquidity premium / discount affects entry / exit.
SEBI / exchange surveillance specific to SME segment.
Wider price ranges typical.

For most retail investors, SME stocks are higher-risk; due diligence is more critical than for main-board names.

Suspended stock holdings on Zerodha

Wed, 20 May 2026 00:00:00 +0000

If a stock in your Zerodha Holdings is suspended from trading, you cannot sell on the exchange until trading resumes. The shares remain in your demat with the suspended-trading flag.

What happens

State	Effect
Suspension begins	Trading halts
Holdings value	Continues to show last LTP
Sell orders	Rejected
Buy orders	Rejected
Dividends / corporate actions	Still credited if applicable

Why a stock may be suspended

Compliance failure by the company (SEBI / exchange action).
Corporate insolvency (NCLT proceedings).
Specific surveillance triggering trading halt.
Delisting process.

Recovery options

If shares are suspended:

T2T (Trade-to-Trade) stocks on Zerodha

Wed, 20 May 2026 00:00:00 +0000

T2T (Trade-to-Trade) stocks on NSE / BSE require every trade to result in delivery. Intraday MIS is not allowed. For the detailed framework, see Trade-to-Trade segment rules .

On Zerodha specifically

Order ticket: MIS orders rejected; only CNC accepted.
Settlement: T+1 via delivery.
Notification: Surveillance tag in marketwatch.

Common T2T triggers

LT-ASM Stage 2+.
GSM Stage 4+.
Specific exchange action.

External references

References

NSE India, T2T framework, nseindia.com.
SEBI, Settlement framework, sebi.gov.in.

Upper / lower circuit on Zerodha trading

Wed, 20 May 2026 00:00:00 +0000

When a stock on Zerodha hits upper or lower circuit (the day’s price band):

Upper circuit: Price cannot go higher. New buy orders queue but don’t execute; sellers can still sell to existing queued buys.
Lower circuit: Price cannot go lower. New sell orders queue but don’t execute; buyers can still buy from existing queued sells.

Stuck at circuit

A scrip locked at circuit:

Limited trading at the circuit price.
Queue of unfilled orders building.
Liquidity concentrated at one price.

For more on the framework, see Circuit filters NSE BSE .

What is stock suspension, process and impact

Wed, 20 May 2026 00:00:00 +0000

Stock suspension is an exchange-initiated halt of trading in a listed scrip. Triggers can be regulatory, corporate, or risk-management related. The suspension typically lasts from a few days to indefinitely depending on the cause.

Causes of suspension

Cause	Detail
Regulatory action	SEBI directive based on investigation
Corporate action	During bonus / split / demerger processing
Compliance default	Failure to file results, disclosures
Auditor resignation	Without replacement
NCLT order	Insolvency proceedings
Specific surveillance	ASM Stage 4+ or GSM stage 6

Process

Exchange / SEBI determines suspension based on specific criteria.
Notice published on NSE / BSE.
Trading halts from the effective date.
Suspension period can be defined or indefinite.
Revocation when conditions are met.

Impact on holders

Cannot sell during suspension.
Holdings show last LTP but unmarketable.
Dividends / corporate actions may continue if applicable.
Long-term value depends on the reason for suspension.

Recovery paths

Revocation: Most temporary suspensions are resolved within months.
Delisting: Some suspensions lead to permanent delisting (forced or voluntary).
NCLT resolution: For insolvency cases, equity often gets wiped out or minimal recovery.

Implications for retail traders

For investors:

Zerodha holiday list 2026

Wed, 20 May 2026 00:00:00 +0000

The Zerodha holiday list 2026 is the calendar of trading holidays on NSE, BSE and MCX during the year 2026. Zerodha follows the exchange holidays; trading is closed across all segments (equity, F&O, currency, commodity) on declared exchange holidays. This article summarises the 2026 calendar. The authoritative list lives on the NSE and BSE websites.

How the calendar is published

NSE and BSE publish the year’s trading-holiday calendar in early December of the previous year (e.g., the 2026 calendar was published in December 2025). The calendar covers all segments.

Zerodha market timings

Wed, 20 May 2026 00:00:00 +0000

Zerodha market timings are the session hours during which Kite clients can trade across NSE, BSE and MCX segments. The timings are set by the exchanges; Zerodha mirrors them with no broker-specific variation. This article is a comprehensive reference card for all segment timings.

Equity (NSE / BSE cash)

Phase	Time (IST)
Pre-open session	09:00 to 09:08
Pre-open match	09:08 to 09:15 (pre-open theoretical price + matching)
Continuous trading	09:15 to 15:30
Closing session	15:40 to 16:00 (closing-price trades only)

Settlement: T+1 (with T+0 available for eligible scrips).

Zerodha Muhurat trading 2026

Wed, 20 May 2026 00:00:00 +0000

Muhurat trading is a special one-hour trading session held on the evening of Diwali (Laxmi Pujan) day. It is ceremonial: the auspicious hour is regarded as a propitious moment to begin investing for the Hindu Samvat new year. NSE and BSE both run the session; Zerodha Kite participates with the standard order flow.

Date for 2026

Diwali (Laxmi Pujan) falls in October / November 2026; the specific date depends on the Hindu calendar. NSE and BSE confirm the exact Muhurat session date and timing approximately 2-3 weeks before, via official notification.

Zerodha pre-market session timings

Wed, 20 May 2026 00:00:00 +0000

The pre-market session (also called “pre-open session”) on NSE and BSE runs from 09:00 to 09:15 IST, before the regular continuous trading begins. The session uses a call-auction mechanism to determine the opening price for each scrip, accommodating any overnight news flow and balancing supply / demand at the open.

Phases within pre-market

Phase	Time (IST)	Activity
Order collection	09:00 to 09:08	Orders are accepted (limit and market)
Order matching	09:08 to 09:12	Indicative opening price computed; matchable orders identified
Buffer period	09:12 to 09:15	No order placement; transition to continuous session
Continuous start	09:15 onwards	Regular trading begins; opening price reflects pre-open match

How the pre-open price is computed

During the order collection phase (09:00 to 09:08), orders accumulate. The exchange:

Market Structure on WebNotes

How to fix an intraday position not auto-squared-off

Kite order nudges explained

Market price protection in ATO (Alert Triggers Order)

Market price protection on the Kite order window

MIS and CO positions when circuit limits are hit

Special pre-open session on IPO listing day

Zerodha Bulletin, Pulse and the trading-holiday calendar

Block deal vs bulk deal on Zerodha

Block deal

Bulk deal

Key differences

Retail relevance

See also

External references

References

BSE Sensex options trading hours

Standard hours

Circuit filters on NSE and BSE

Scrip-level circuit filters

Circuit limits / price bands

Standard bands

Effect

See also

External references

References

DVR shares on Kite

Trading on Kite

Why DVRs trade at a discount

EGRs (Electronic Gold Receipts) on Zerodha

Structure

Trading on Zerodha

Comparison with other gold investment

Exchange margin types (SPAN, ELM, Adhoc, VAR)

SPAN

Freak trade square-off on Zerodha

Process

For details

Illiquid stocks SEBI rules

Criteria for “illiquid”

Intraday auto square-off timings (MIS)

Schedule

Why before market close

Large / mid / small-cap classification at Zerodha

Why classification matters

Where to see

See also

External references

References

Listing-day trading hours

Schedule

Circuit relaxation

Market-wide circuit breakers

Trigger levels

Historical activations

NSE / BSE group meanings (EQ, BE, BZ, T)

Group classifications

NSE BZ category explained

See also

External references

References

Order placement delays at market open

Why delays occur

Typical resolution

What to do

When delay is concerning

Partly-paid shares on Kite

Structure

Trading on Kite

Call payment

Penny stock block (nudge) on Kite

Penny stock criteria

Why the nudge

Post-market session on Zerodha

Hours

Order rules

When used

Volume

Pre-market zero bids meaning

What zero bids implies