What is a Market order?

A Market order is an order price condition to buy/sell a stock at the best available price.

Generally, a market order is executed immediately. However, the price at which a market order will be executed is not guaranteed. It is important for investors to remember that the last traded price (LTP) is not necessarily the price at which a market order will be executed

For example:
HDFC is trading at Rs. 2,000 per share.
Mr Amir places a market order to buy 100 shares of HDFC.
Mr Bharat is willing to sell 60 shares of HDFC at Rs. 2,010 per share, and Mr Vishnu is willing to sell 100 shares of HDFC at Rs. 2,015 per share. 

In this scenario, Mr. Amir's market order will get executed as:
60 shares at Rs. 2,010 (from Mr. Bharat), and 
The remaining 40 shares at Rs. 2,015 (from Mr. Vishnu). 

Hence, market orders get executed as per availability in the market, and may be executed over different orders, at multiple price points. 

Some alternate scenarios include:
Another buyer places an order before Mr. Amir. Hence, the other buyer will get the shares offered by Mr Bharat.
Mr Bharat cancels his order. In this case, Mr Amir's order will be fulfilled from Mr Vishnu (100 shares at Rs. 2,015 per share).
New sellers place orders to sell HDFC shares at Rs. 2,000 per share just as Mr Amir places his order. As a result, Mr Amir's market order will be executed at Rs. 2,000 as per the quantity available at this price.

To place a Market order on SELFIE / TraderX:

Select the Price Condition as MARKET in the order placement window.

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