Why did my order get executed over different quantities?
When you place an order, it is executed at the best available or specified price. If the quantity of existing bids/offers on the market (at your given price) is not sufficient to match your order quantity, the unexecuted quantity will be matched against the next best bid/offer.
This has different implications for market and limit orders. For example:
- You place a market order to buy 10 shares of Britannia at Rs. 3,000 per share. There is a counter order at your specified price only for 5 shares. This will be executed and the remaining 5 shares will be purchased at the next best offer/offers. As a result, your order for 10 shares can be split over multiple trades and price points.
- You place a limit order to buy 10 shares of Britannia at Rs. 3,000 per share. There is a counter order at your specified price only for 5 shares. This will be executed immediately, and the remaining order for 5 shares will stand pending till another counter order (if any) is placed at your specified price. So once again, your order for 10 shares can be split over multiple trades (but at the same price since it is a limit order).
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