The Pre-Open Session is changing from September 7, 2026 for the Equity Cash and Derivatives segments.

While the overall pre-market window remains 9:00 AM to 9:15 AM, the way orders are entered and matched will change.

What’s changing?

The order-entry period will now have two sessions:

Session 1: 9:00–9:05 AM - Market + Limit Orders can be placed, modified or cancelled.

Session 2: 9:05–9:10 AM - Only Limit Orders can be placed, modified (except limit to market modification) or cancelled. Market Orders can no longer be placed, modified or cancelled.

The order-entry period will close at a random time between 9:08 AM and 9:10 AM.

9:10–9:12 AM - Eligible orders are matched and the Equilibrium Price is determined.

9:12–9:15 AM - Unexecuted Orders transition to Continuous Trading.

Additional Note for F&O:

> During Order entry period when market orders are restricted, any market order placed shall be validated. Hence the validation message on order placement/modification/cancellation by user at market order will be “Market orders are not allowed at this time”   

> Execution Algo order will not be allowed in this session.

> Above shall be applicable for existing stocks & products enabled for Pre-Open.

What changes for Stocks and Futures?

The revised process applies to Stocks, Stock Futures and Index Futures.

The key change to remember is:

Market Orders are available only during 9:00–9:05 AM. From 9:05 AM onwards, only Limit Orders are permitted.

The Pre-Open Session does not apply to Index and Stock Options, certain futures on the ex-date of corporate action due to a scheme of arrangement, Rollover Spread Orders in Futures, Stop-Loss Orders, Disclosed Quantity Orders and IOC Orders.

How is the opening price determined?

During order matching, Market and Limit Orders are considered to determine the price at which the maximum volume can be executed. This is called the Equilibrium Price and becomes the opening price.

For example:

Since ₹2,506 allows the highest volume to be executed, it becomes the Equilibrium Price.

What can you see on ICICI Direct?

During the Pre-Open Session, the Market Depth section on the ICICI Direct website and app will display indicative information such as:

> Indicative Index Price

> Indicative Equilibrium Price

> Indicative Quantity

> Cumulative Buy & Sell Quantities

> Imbalance Quantity

> Imbalance Quantity (Mkt. orders)

Remember

9:00–9:05 AM: Market + Limit Orders

9:05 AM onwards: Limit Orders only